Inheritances are complex. Even if the deceased person had a will in place, there are still so many things to consider. Will the inheritance be set up as a trust? Or, will the person receive everything at once? Unfortunately, the process becomes even more complicated if you inherit land. Inheriting land is much different than inheriting a house. This useful guide will tell you what to know about inheriting land. The more informed you are, the clearer your next steps will be.
Know Your Options
After you’ve inherited land, the first thing you should do is research your options. Learn about your newly inherited land and discover what it’s best suited for. Contact a land development company and ask for their professional advice. Do they think you can build on the land? Do the land’s topography and zoning laws allow for it? Land experts know a lot more about this subject than you do. They can tell you what your land is suited for and what you should do with the inheritance.
If they don’t believe your land is suited for real estate development, they can help you sell it. The professionals at Crosby & Associates will help you find promising buyers who will only submit serious offers. If you have land for sale in Florida, please contact Crosby & Associates immediately. We’ll assist you in every step of the process.
What About Taxes?
Taxes are another important thing to consider after inheriting land. Rarely can someone inherit something and not have to pay any additional fees. Ask your lawyer about inheritance taxes and how that might impact you in the future. If your inherited land has a development on it, you should also inquire about real estate taxes and HOA fees. The last thing you want is a ridiculously high monthly payment because of an inheritance. Consider the maintenance and insurance costs, too. Even if the property doesn’t have a building on, you could end up spending thousands of dollars keeping everything well-maintained.
Most people have misconceptions about inheritances. Popular culture plays into the idea that you get an inheritance, and there’s nothing else to worry about. This sentiment couldn’t be further from the truth. Inheritances, especially those centered around land, are incredibly complicated. Please, contact Crosby & Associates if you ever find yourself in this situation. You need an ally throughout the entire process.