Nevada is a popular destination for modern retirees. The climate is excellent for those with weather-aggravated medical conditions like arthritis. Plenty of entertainment options and short-range travel opportunities also make Nevada a great place for people to enjoy their golden years.
However much you may have enjoyed visiting your parents in Nevada, however, you may not necessarily want to move to the state after they die. What happens if you inherit real property in Nevada but live in another state?
You need to secure the property prior to probate
An inheritance in Nevada will require that you address logistics. Thankfully, there isn’t an inheritance tax to reduce the value of the property. The property that you stand to inherit might be little more than a legal liability immediately after the death of the prior owner. People could break into the property and damage it, diminishing its value. Someone could get hurt and make a claim for compensation.
There are also a lot of financial and practical responsibilities that come with assuming ownership of the property. You will either need to travel to Nevada or retain legal help in the state to initiate probate proceedings. You also need to physically secure the property to prevent incursions or damage while it remains vacant.
Until the courts review the estate plan or will, you likely won’t be able to sell the property or otherwise complete a transfer of ownership. In the meantime, you may have to arrange for the payment of bills and the placement of a new insurance policy on the property.
Make sure you understand the value of the property
If you don’t intend to move to Nevada, then you may want to sell the property to someone else. Listing the property requires that you clean it out, make appropriate repairs and bring in a professional to determine the fair market value of the property.
On the other hand, you could potentially treat the property as an investment property. Bringing in a property manager could allow you to rent the property out to others for regular income, even if you don’t live in Nevada.
It is important to have someone you trust managing all of these details if you hope to sell or retain a piece of inherited real estate in Nevada. Learning more about the probate process in Nevada can help you make the most of your recent inheritance, especially if you live in another state.