Netzwerktalk: Real estate as an inheritance - what to do?

Responsibilities for inheriting real estate

If a close relative dies, life is turned upside down. If a property is involved, you should still be able to think clearly, because obligations will soon come knocking: As the new owner, you have a duty of care, i.e. you are responsible for securing the property - from waste disposal, street cleaning, sewage notices, informing neighbors and insuring the property. If you have an intact relationship as a family, it is advisable to clarify the division of assets with the deceased in advance so that everyone can prepare for possible responsibilities.

By the way: If the property is not awarded to you as the legal heirs, but to a charitable association, for example - you as direct family members are initially responsible for securing the property.

Wandering paths of the community of heirs

Having siblings can ease the pain of inheritance, but at the same time complicate inheritance matters. Making a decision "at the drop of a hat" rarely works smoothly in a community of heirs - how the inherited assets are managed and utilized must always be mutually agreed with all parties involved. However, major conflicts can be prevented, e.g. if two children want equal rights to their parents' house, testators can determine this in advance: If both fail to reach an amicable agreement after period X, they must sell the house.
If the testator's express wish is for an equal and fair distribution of assets to all, things can get complicated even if there are several properties in the estate. While three properties distributed among three heirs may initially sound logical, please note that the value of the properties may well differ.

By the way: If no arrangements have been made in advance in the will, the person with the property with the highest value may have to pay compensation to the other heirs.

Stone, sham or refuse?

If the estate is overindebted, you can disclaim the inheritance. Just bear in mind that you have six weeks from the time you become aware of the inheritance to waive it.
In the case of an unencumbered estate, for example, you are the heir to your parents' home. Remember: If two siblings agree that one of them will take over the inherited property, the co-heir must be paid out. If you as the new homeowner do not have sufficient liquidity for this, you can take out a real estate loan on the property. However, banks will only grant this if you are able to repay the monthly interest and repayment charges.