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Inheriting a home in Florida

If Florida residents find out that they have inherited a house, there are a variety of questions that will need to be answered in order to determine how best to proceed. People have the option of keeping, selling or renting out a home, and each option has advantages and drawbacks. What someone decides will often depend on how much the home is worth, what condition the home is in and what the costs of upkeep are.

One of the first things that someone should do when they find out they have inherited a home is to determine how much it will cost to maintain it. Even if the house is paid for, there will still be the issue of property taxes and maintenance.

To find out the value of a home and its condition, people should have an appraisal done and have a building inspector look at the property. A home may be worth a good deal of money, but it may be a struggle to sell it or rent it out if there are numerous repair issues. If someone wants to sell the home, they will need to find out when they will be able to since probate and other legal issues may keep this course of action from being immediately available.

If someone intends to leave another person their home, proper estate planning can help ensure that taking over the house is an easy process. A trust can be set up by an attorney so that money to pay for upkeep is set aside, and the use of trusts can avoid a lengthy and public probate process.

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