The probate process is a difficult and time consuming task, especially after losing someone close. The pain that comes with probate can be tough on the whole family. So, here are some tips for you to know if you’re going through the probate process.
We buy houses and we’ve helped homeowners just like you. If this sounds good for your situation, contact SellThatHome today!
What Is The Probate Process
Probate is the process that occurs after someone passes away to pay off debts and pass on inheritances. Though the laws regulating probate vary from state to state, there are a few things you can expect regardless of where your home is. Probate is a process that must be completed to legally take ownership of a home after someone passes. An executor will be assigned by the court to facilitate the probate process of an estate. However, if a will is present, it’s likely that this person has been identified already.
Prove The Will’s Validity
A will is a legal document that determines who should take ownership of an individual’s assets and possessions in the event that they pass. To be valid, the requirements for this document include intention in signing it, as well as being 18 years old or older with two witnesses present at the time of signing. In order for a will to be considered legal with the courts, it needs to have been created voluntarily by someone who is of sound mind.
You Will Need To Notify Creditors And Heirs
After your loved one passes away, you will need to notify all creditors and potential heirs that their property has been transferred into probate. The best thing to do is use the estate for all your debts. You can pay off both credit cards and personal loans. You will need to file tax returns in their name, as well as address inheritance taxes.
You Will Need To Conduct a Lot Of Research
In addition to real estate, the courts will need information about other investments such as stocks and bonds. These items will be taken into account when paying off debts from entitled creditors as well and asset distribution. This is a critically important step in the probate process. It’s best to work with an attorney who specializes in probate cases.
The Process Is Time Consuming
It’s not easy being the executor of an estate. You may find yourself dealing with paperwork, phone calls and court hearings that take up a lot of your time. If there is a will present, the process moves a lot faster. The will dictates the distribution of assets, rather than allowing the court to decide who gets what. Probate cases may be completed in as little time as a few months, but they could also take years to finish. It’s best to prepare everything to the best of your ability beforehand.
The Property Can Be Sold During The Probate Process
A quick and easy solution for a house in probate is to simply sell it. If there is no will present, then the estate is considered to be intestate. This means the property must be sold through probate courts – highly regulated and time consuming.
With a will present, the estate is testate. In this instance, the executor will be able to petition the courts to sell the property without the court. If you’re looking for an easy way to avoid legal fees while still retaining control of the process, this is it. If you’re looking to save even more money, selling your inherited property quickly and without the hassle of probate, professional cash buyers are a great option to choose. Choosing SellThatFloridaHouse over realtors helps you save even more money from commission fees and closing costs – we cover those!
There are cases where the executor wasn’t expecting to be left responsible for the property. Perhaps they aren’t financially ready to keep up with the property, or simply don’t want it. Selling the inherited house will be a quick process. The heirs will be able to pay off the outstanding debts, then divide the sale proceeds amongst each other as laid out by the court.