When a loved one passes away, the grieving process can be difficult enough without factoring in any of the financial responsibilities that an inheritance can create. And when that inheritance includes a house, there are several decisions to make — many of which will need to be made in a timely manner. Coupled with the emotion of grief, the sense of urgency and new responsibilities can make it more difficult to make the best decision with regards to the inherited property.

Inheriting a house becomes more complicated when the property has multiple beneficiaries. And assuming each heir has equal ownership rights, if any or all of them has a conflicting opinion on the best use of the property, the situation gets even more complicated.

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These days, life insurance is often improperly sold as a complete financial plan. Life insurance salespeople are generally concerned with the amount of insurance a person has the capacity to pay for rather than the amount of coverage they actually need. As a result, the sales conversation often focuses on the death benefit of the policy and its ability to build up cash value instead of what it's designed to do - provide the insured’s beneficiaries with some level of financial security upon their death.

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In the world of personal finance, rarely is it possible to find advice that is cut-and-dry and delivers a definitive yes or no. However, in this case, the rule of thumb applies almost uniformly. Any person who owns real, fixed assets (houses, land, buildings, etc.) in multiple states can save their loved ones months of extra paperwork and unnecessary fees by utilizing a living trust.

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