Inheriting something after the passing of a loved family member or close friend can be hard to adjust to. Often, we are so in shock over their death, that even before we realize, we find ourselves the owner of something we never imagined owning. This is especially true, when the gift we inherit comes with a commitment. Be it a vehicle, a house, a business or land; each every one of these gifts have to be dealt with care and attention. If you find yourself in a situation as such, and feel a little confused and unsettled as to what you can do with it; here are a few of our experts’ tips and suggestions.
If you inherited a business
This is one of the trickiest things to inherit; especially if you’ve previously not been a part of said business. It’s important to ask yourself if you want to keep the business, or sell it? Do you want to run the business yourself? Or are you content letting someone else run the show as far as you make a profit? What about being simply a shareholder?
The answer to all these questions depends on the nature of the business, and your experience regarding it. Use a trusted commercial lawyer Singapore to help you make your decision; this way, you won’t be overwhelmed or duped into making the wrong decisions…or making them too fast. Remember that other people’s livelihood may depend on this business; so, do have a care.
If you inherited a house
Fortunately, this happens to be a little less complicated in comparison to the above. If you inherited a house, it’s important that you familiarize yourself with all its legal issues before you make any decision in regards to it. Your lawyer will able to tell you if it has been mortgaged, or if it’s connected to loans and other financial commitments. They will even be able to let you know if you need to concern yourself with civil litigation issues.
If your newly inherited home has no issues, then you can definitely find a use for it. Using the home is always an option. But if you already own a home you are happy with, you can use it as a summer/holiday home. If you want to make a little profit from it, you can opt for renting it out; or turning it into a holiday let. This way, you may use this house occasionally when it is not in use. Initially, if you are in no position to make use of it, we suggest you properly close it down. Simply having a house closed for years on end without properly taking the care to shut it down will only mess with it; result in it reducing its value.