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What to do with real estate when a loved one passes?

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Death and Real Estate

in Idaho
When a family member passes and leaves behind real property

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In Idaho, if you are handling disposition (sale) of an estate that includes real estate or assets over $100,000, then the estate will likely go through a probate process through the courts. It is through this process that a Personal Representative for the Estate will be appointed to administer for the deceased’s estate, including the disposition of real property.

This guide is intended to assist you by providing compiled resources to help you in the event you find yourself wondering ‘what’s next?’ 

Idaho is a Community Property State

As a general rule, community property is property you got while you were married, and separate property is property you got before you were married. This means that if they property was purchased by two married people and one dies, the other does not necessarily inherit the entire property. The surviving spouse still owes their half, but the other half may pass to the deceased spouses heirs and not necessarily the surviving spouse by default unless the deeds specifically states title was taken as community property with rights of survivorship.

Should I add my children to my deed before I die? What is Stepped-Up Basis?

If your think your heirs are planning to keep your house, you may be wondering if you should add them to the deed to avoid probate. However, it may be advisable not to do that due to the stepped up basis IRS rule. Essentially this means if/when an heir does decide to sell the property, if they inherited it at the time of your death they inherited the property at the current market value and will have a higher basis in the property for tax purposes, which will likely limit the taxes they will owe upon sale. If you had added them to the deed prior to your death, their tax basis would be the same as yours was, and the tax bill upon sale likely much higher. Of course, talk to your tax advisor and attorney for advise that is specific to and best fits your situation.

Coincidentally, the stepped up basis also works for community property when the first spouse dies, ‘stepping up; the basis for the surviving spouse. Your attorney may require you obtain a broker price opinion as to the value of the property during probate to document the value at the time of the owner’s death.

When it’s time to Sell.

When a loved one dies, it is a challenging time for those left behind and the added pressures of attending to the court process, chasing down and closing accounts, locating and archiving social media accounts and all the other details can be overwhelming. If you are also looking to sell a property during this time, call us. We have helped many in your situation with the process before and are sensitive to the emotions and sometimes financial challenges at play.

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Click here for a handy checklist to use as a guide get you started.

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Utilize the resources gathered from the web to help determine your next steps.

We’ve also included some helpful planning resources for you as well so you may leave your loved ones a guide to  your own estate and wishes.

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Schedule a personal, commitment-free real estate consultation

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