When a parent or spouse passes, the family home becomes a decision point for everyone. Whether it is sold, kept, or rented, the choice should be made deliberately, with the family's goals and the estate's structure both respected.
Wiz's tip
Designate one family member as the point of contact for the real estate process. One clear communicator reduces the confusion that estate transitions can create for everyone else.
The steps, in order
01
Take your time
No major decisions in the first weeks. Process, grieve, and get organized before making permanent choices.
02
Find the documents
Locate the will, trust, deeds, insurance policies, and bank records. A trust and estate attorney guides the legal steps.
03
Understand the structure
Probate, trust administration, and the executor's role each follow different paths for the home. Michael works with trust and estate attorneys to explain yours.
04
Decide on the home
Sell, keep, or rent? Compare the market value, carrying costs, and family member interest using the Family Decision Guide in Planning Tools.
05
Coordinate the sale with specialists
Michael consults on 1031 exchanges, trusts, and probate so the proceeds are protected and taxes minimized as part of a Complete Legacy Plan.
Selling an inherited home
An inherited home often needs preparation, honest pricing, and patience. Multiple heirs mean multiple opinions on price and timing, which is exactly why a structured decision process keeps everyone together. Michael guides estate sales with extra communication and compassion.
Minimizing the tax impact
Capital gains on an inherited property are calculated from the stepped-up basis at the date of death, which often means far less tax than heirs expect. Michael works with tax advisors and attorneys to make sure the sale is structured correctly and the family keeps as much as possible.