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5 Tips for Siblings Dealing With Inherited Property in Louisiana

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5 Tips for Siblings Dealing With Inherited Property in Louisiana
Though bittersweet, the positive feelings when learning of an inheritance can quickly sour if siblings have unrealistic expectations. These tips are for you to manage those expectations and engage in good practices.

Have you recently inherited property in Louisiana from your parents? If your mom and dad didn’t have a will or a plan for their house after death, you could end up sharing the property with your siblings in a confusing way. It can be tough handling lots of paperwork and details during this difficult time. To top it off, you’ll also need to learn about important legal and money matters while many in your family will be quick to give you advice that you’re wary of. You have a lot to absorb.

Remembering fun times at the family “cabin on the lake” can be nice, but taking on the property with your siblings can bring both feelings and money difficulties. We have found that most property owned by those approaching death falls into disrepair quite easily. Even if your siblings handle your parent’s passing well and everything is harmonious, sorting out the estate can be a lot of work and cost more than you think. And with the probate process, you could be facing months and even years before everything is settled.

Below we list the five tips for siblings dealing with inherited property in Louisiana

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One Person in Charge

If there’s no plan in the will, like naming a trustee who isn’t a sibling, it can be useful for siblings who inherit a property in Louisiana to have one person in charge. A checklist can help everyone know what to do. Each sibling can handle tasks like paying taxes or looking after the property. But on the other hand, if you’re like our CEO Becky, you might want to just take that responsibility because sometimes it’s more work checking up on non-detailed people than it is to just do it yourself. Sometimes a plan looks really good on paper and volunteers are quick to commit so they don’t look like stragglers, but come up short on fulfilling their duty. Getting a property manager and sharing the costs might be a good plan to consider.

Stay Civil

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This pains us to write this because my husband and I had responsible siblings and little drama as we processed the estate. Unfortunately there’s just more family trouble these days to sort through than there used to be. It doesn’t help that about 70 percent of Americans don’t have a will when they pass. This means families are left to figure out the details dealing with an inherited property. Succession of a property can be pretty simple if there was one set of kids from one set of parents, but divorce, widowhood, remarriage, adoption, half-brothers and sisters, and other details can complicate the situation.

Talking openly is important for siblings who inherit a property in Louisiana. If arguments arise, think about bringing in a mediator. In the last couple of decades, the mediation industry has made strides to provide an avenue between parties with a disagreement that doesn’t involve going to court, where nobody wins. It’s good to identify and deal with problems quickly. Making rules and planning ahead can stop costly conflicts between siblings. A mediator can possibly help preserve what family bond remains.

Disclaimer: This article is just general information. We are not attorneys. You should always consult an attorney or financial advisor knowledgeable about this area of the law about your particular situation.

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A Note from Becky

The Responsibility to Lead

As we were writing this post, and with the other posts, I must admit it’s been emotional for me as well. My parents died in our home in ’92 and ’97, and my mother-in-law died in our home in 2003. That was quite the season of life for our family. I became the primary caregiver in addition to raising seven children. Many people have expressed amazement at those numbers, but in a big family dynamic, you’re never alone, and many hands makes the work light.

I was firstborn in my family. My husband wasn’t the oldest but he took on the responsibility for his parents as a necessity, and much work fell upon me. I felt the same way about his mother as I did mine. I was like the daughter she never had. So I know what it’s like to have responsibility laid upon your shoulders.

I wouldn’t trade the experience I had with my parents’ latter days for anything. One of the joys of the work I do now is connecting with a lot of people just like me who are taking care of aging parents facing so many struggles. I feel a kinship to them that gives me a sense of fulfillment as I can help some of them in at a difficult time.

Whatever your situation is, we’re hear to listen to your story and tell you our honest opinion. You can fill out the form below, or simply call us at (504) 732-1988. I can promise we’ll be honest and upfront with you.

Stay strong, do the right thing, and love your family with all your heart!

5 Tips for Siblings Dealing With Inherited Property in Louisiana-Signature

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Right Motivations

At times, a parent may give more to one child who needs it, knowing about their money struggles. On the flip side, a parent might not trust their child’s spouse and put someone else in control of that child’s part of the inheritance. Alternatively, some parents split the estate equally to avoid hurt feelings or jealousy. These variable ways of dealing with the deceased’s property arrangement can evoke arguments and strong feelings between family members, causing emotional outbursts and long-term family rifts.

One frequent disagreement between siblings is how to share an inheritance, so it’s a good idea for parents and kids to talk about it openly. Knowing why the estate is divided a certain way can be useful for siblings handling an inherited property in Louisiana. Talk about this early with your parents, while they are cogent and in better health.

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Be Fair

When brothers and sisters are dealing with a house or land they inherited in Louisiana, it’s best to be simply realistic. This means acknowledging that they might not always agree on things. It’s helpful to plan ahead for these disagreements. Making decisions based on what most people think is fair can be a good way to solve problems. This can be for simple things like choosing paint colors or bigger things like, if one sibling wants to live in the property all the time. Creating some rules to follow for important choices, without letting temporary feelings get in the way, can help everyone in the end.

Sell and Divide 

5 Tips for Siblings Dealing With Inherited Property In Louisiana-sell direct

When brothers and sisters inherit a property in Louisiana, it might be a good idea to sell the property and share the money if keeping the property looks like doing so would only cause arguments. Another reason to sell and split the money is if one or more siblings can’t afford the costs or are going through tough times and need the cash. Sometimes, none of the siblings want to live in the property or use it in any way. Sadly, some parents leave behind homes that need a lot of repairs, and the kids may not have the time or interest to do the repairs. Another reason the siblings might agree to sell is if there are too many debts against the property necessitating a quick sale.

At Louisiana Direct Home Buyers, we can help siblings quickly and easily deal with selling an inherited property in Louisiana. Would you like to run your situation by a professional without any obligation? Feel free to ask us any questions or share any concerns you might have about the process. The professional buyers at Louisiana Direct Home Buyers and our supporting team of professionals have a system that allows us to close with cash in a matter of days or weeks when you are ready to sell. Send us a message or call Louisiana Direct Home Buyers at (504) 732-1988, we are happy to help.

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5 Tips for Siblings Dealing With Inherited Property in Louisiana
Sell Your House to Louisiana Direct Home Buyers

Disclaimer: This article is just general information. We are not attorneys. You should always consult an attorney or financial advisor knowledgeable about this area of the law about your particular situation.

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