AARP Eye Center
| Whether having a home passed on to you is a welcome gift or an upsetting surprise, it’s safe to say that this kind of inheritance is considerably different from receiving a few more zeroes in your bank account or a full set of bone china. Here are the steps experts recommend taking to make the experience as positive as possible.
Keep the lights on
One of the first things that needs to be done is to update the homeowners insurance policy, which can lapse if the house is unoccupied. Make sure coverage continues by contacting the insurance company and making any necessary changes.
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Then track down all utility accounts. Cancel those that are not needed, and make sure the bills are paid each month on the others. No matter what you’re planning to do with the house — or until you decide — you probably don’t want the lights to go dark or for there to be no heat or running water. You might need to arrange for yard upkeep as well.
Also make sure you’re keeping current with property tax payments and any mortgage.