WHAT IS PROBATE?
Probate is a legal term that many often think they understand until they find themselves in a situation requiring probate, and then discover they know absolutely nothing about it. At times, people don’t know how probate works until there is the need to sell the property of a deceased person. Knowing the meaning of probate, the probate process, how to sell the property of a deceased person during and after probate, and trusted probate property buyers will be of great benefit to those who find themselves in this condition.
What is Probate?
Probate is a legal process in which the property of a deceased person is gathered, the debts and taxes are settled, and the ownership right of the remaining property is transferred to the inheritors. In most cases, it is more of paperwork and often requires very minimal court supervision. However, if there is a dispute among family members, court supervision will be required.
What you should do when the owner of a property dies
The steps you will take when a property owner dies depends on whether the deceased person left a will or not. If the deceased person left a will, it will specify the name of the personal representative that should deal with the estate. In the absence of a will, the probate court will appoint someone.
If the deceased WILL named you as the personal representative, you should start the probate process. In cases where the deceased person died without a will, the next of kin can begin the probate process.
What are the steps involved in the probate process?
· File a petition – The personal representative starts the probate process by filing a request with the probate court in the deceased county.
· Notify beneficiaries and creditors – Notify everyone that may have an interest in the deceased estate
· Settle all debts, expenses, and taxes – When someone dies, their debts don’t just vanish; it must be settled before their property is inherited. You can use the deceased probate property to pay off all taxes and debts.
- Transfer of legal title of probate property according to the will or inheritance laws – Once you have settled all outstanding debts and taxes, you can file a petition requesting the probate court to transfer the remaining property of the deceased to beneficiaries.
- Close the estate – After you have completed the above process, you can close the probate process with a final hearing. Also, you should send notices to all interested parties.
How to sell a house in probate?
Probate property is often sold when the probate process is completed. The probate process usually takes six to nine months, and it might be longer if there is a dispute over the deceased estate.
You should also note that there are circumstances where you can sell the property of the deceased person before probate. The conditions where you can sell a property before probate include joint ownership of property, financial assets and instruments that passes outside probate, and revocable living trusts.
Getting in touch with probate property buyers earlier in the probate process can help you save the time of looking for buyers after the process is complete. Often, the longer the property remains unsold, the more your costs increases.
DON’T WORRY! WE WILL BUY YOUR PROBATE PROPERTY AND PAY YOU CASH
At United Property Buyers, we know how probate works. Our team of experts provide guidance all through the probate process and make the probate property selling very easy for you. We have worked with several families, personal representatives, executors, probate attorneys, property managers, and more. No matter the condition or location of your property, we will give you the best market price and pay you cash.
Over the years, we have gained a reputation as a trusted and reliable probate property buyer. Whether you are just about to start the probate process or have completed it, our team of trusted probate property buyers can help you.
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