5-Step Checklist for Managing Inherited Property in California

Inheriting real estate can feel overwhelming. This checklist is designed to help you understand your options, ask the right questions, and make confident decisions.

 Step 1: Understand the Legal Process

• Determine if the property is held in trust or subject to probate.
• Review the title and deed to confirm ownership.
• Consult with an estate attorney if there are multiple heirs or unresolved legal issues.

 Step 2: Evaluate the Property’s Value

• Get a comparative market analysis (CMA) from a local real estate agent.
• Order an inspection to assess repairs or upgrades needed.
• Consider the property’s rental potential if you plan to keep it.

 Step 3: Know Your Tax Implications

• Learn about the step-up in basis, which can reduce capital gains taxes when selling.
• Check with the county assessor’s office about potential changes to property taxes.
• Speak with a tax professional before making major decisions.

 Step 4: Decide What to Do with the Property

• Keep it – Move in, use it as a vacation home, or rent it out.
• Sell it – Liquidate the asset and divide proceeds if multiple heirs are involved.
• Share ownership – Create a clear co-ownership agreement to avoid future disputes.

 Step 5: Assemble Your Team of Experts

Navigating inherited real estate is easier with the right professionals:

• Real Estate Agent – To assess value, market, and sell if needed.
• Attorney – For probate, trust, or title transfers.
• Tax Advisor – To guide you on inheritance tax and capital gains.
• Professional Vendors – from handymen & contractors to painters, to estate sales companies

 Final Tip

Whether you keep the home or rent it out, I have TONS of resources to help you get the home ready for the next step. Whether its contractors, gardeners, de-clutterers, estate sales and more, I can help you develop a plan to make the home