6 lessons I learned from inheriting a parent's house [Yahoo! Finance]
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Source: Yahoo! Finance
I felt a whirlwind of emotions: sadness that my mother was gone, relief that the complicated process was over and trepidation for the enormous responsibilities that lay ahead. Along with those feelings was the compelling need to honor her legacy. Here are six lessons I learned from inheriting my mother's house. 1. Discuss estate planning with your parents while you can Inheriting a house is a process that should begin well before a parent dies. While discussing end-of-life topics can be uncomfortable, the conversations must happen before it's too late. I remember asking my mother what would happen to her home when she passed away: “The three of you will get it,” she said matter-of-factly, referring to me, my brother and my sister. It's a common misconception that children automatically inherit a house when a parent dies without a will. While a spouse and children are typically first in line to inherit a home, this is not always the case: State laws determine who gets the assets,
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