What do you have to do if you inherit a house?

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Q. What is required for two children when they inherit a house upon the death of a parent? Both are executors and the only beneficiaries.
— Planning

A. Thanks for your question.

There can often be unintended consequences or errors that happen when estates are settled.

For that reason, the executors should consult an attorney to convey the house to the beneficiaries through a deed, which is then recorded with the county clerk, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.

She said she wouldn’t recommend a do-it-yourself deed transfer.

“There are recitations that must be included regarding the date of death, the will provisions regarding the beneficiaries of the property and ancillary documents that have to be signed, such as an Affidavit of Consideration and a Seller’s Residency Certification/Exemption,” she said. “You don’t want a cloud on the title if you’re trying to sell the house or obtain a mortgage.”

Arranging the new deed should cost a few hundred dollars, plus there’s a recording fee that needs to be paid to the county clerk, she said.

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This story was originally published in March 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.