Dealing with probate can be a daunting and time-consuming task, especially after dealing with the loss of a loved one. In this post, we offer five things you should be aware of when dealing with a probate property.
What Is Probate?
The process that happens when someone passes away to pay off debts and passes on inheritances to their heirs is called “probate”. The laws are different depending on the state you’re in, but some general things are the same and you can expect them no matter the location of your property. In order to become the legal owner of a property after someone’s passing, you will probably be required to go through the probate process. If there is a will, an executor will already be assigned. However, if you’re left without a will, then it’ll be the court’s duty to assign an executor to facilitate the process.
The Will Needs To Be Proven Valid
After someone’s passing, you should notify the court in order to open a probate case. You should provide the will, as well as the documentation that proves its validness. Valid will should include the intent, the legal age of 18 or over when signed, as well as the presence of two witnesses who have observed the signing and the date in which it was signed. Also, the will must be created out of someone’s free will, and the creator must be of sound mind while signing it.
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 you are opening a probate case. In some instances, you may even need to put a notice in the paper. You will need to use the estate to pay off all valid debts such as credit cards and personal loans. And don’t forget about Uncle Sam. When handling probate, you’ll need to file tax returns for the deceased and address any inheritance taxes that are due.
You’ll Need To Take Inventory Of The Entire Estate
When paying off debts from entitled creditors and distributing assets between beneficiaries, the court should be notified about all other investments, including stocks, cards, bonds, bank accounts, deeds or any other item of high value. It is a good idea to work with a probate attorney for this part of the process, just to make sure that everything is recorded accurately and that no mistakes are made.
The Process Can Be Time Consuming
If you are responsible as the executor of the probate property, you may find yourself dealing with paperwork, phone calls, and court hearings that can take up a good amount of time. When a will is present, things will typically move along faster than if one wasn’t. Having a will puts a plan in place leaving little to be decided by the courts. Some probate cases can be wrapped up in a matter of months, while others can take a couple of years to be completed. Having everything together ahead of time will make the process go much more smoothly.
You Can Sell The Property While In Probate
A quick and easy solution for a probate property is to simply sell it. If the estate is intestate, meaning no will is present, the house will need to be sold through the probate courts, which is a highly regulated process. There are court fees and specific processes that must be followed. These processes vary from state to state.
However, if an estate is testate, meaning there is a will present, the executor will be able to petition the courts to sell the property on their own. This is ideal for those who want to avoid court costs while retaining more control of the process. For those who want to save even more money, quickly selling your inherited property to a professional buyer who is familiar with the probate process may be the best way to go. When you work with Sparks Property Investors LLC, you won’t have any of the expenses you will likely incur when working with a Oak Creek real estate agent. For example, you won’t be faced with commissions, repair costs, or marketing expenses.
In some cases, heirs can be surprised by probate property left to them in a will. They may not want to keep it or be financially prepared to do so. When the latter is the case, spending money on repairs, upgrades, and other listing costs will likely be out of the question. By selling their inherited Oak Creek house directly, they’ll be able to quickly sell, pay off debts and divide the sale proceeds amongst the heirs as laid out by the court.
Before you think about selling your inherited property in Oak Creek, make sure you have the authority to do so.