Probate is the legal process in which a will is carried out by someone deceased. When someone passes away, and they have a will (or no will) probate is the process of making sure the assets and any inheritance in the estate go to the correct heirs as desired by the deceased. Simply in caveman (woman) terms, its a legal process to assist in property, assets of a dead person going to where they want them to go to.
Probate is a public process and can take months to be settled. It is good to find an attorney who specializes in probate and estate planning and estate succession. When there is no will, probate is then determined by a probate court, who then decide where the assets will be distributed. In layman (womans) terms, a judge will look over the estate, locate the debts of the estate, pay them off, and find the beneficiaries of the estate to have the rest left to them (children, family, friends, dogs (yup its happened lol. see link here https://abcnews.go.com/US/leona-helmsleys-dog-trouble-richest-world-dies-12/story?id=13810168)
Things to Know in simple form:Smaller estates can be quick and can take a couple weeks to finish Larger estates can take a while longer to probate. Though having a will helps. Otherwise the judge will divy up the assets after paying off any creditors according to state guidelines.
When Michael Jackson died, he did have a will in place at time of death. Interesting note in his estate, he nominated who he felt would be best fit to become guardian for his children, all of whom were minors. Without doing that, the state and not him would have made the choice about who would raise his kids. This is an important tool of a will. You determine the major decisions you want carried out in your estate when it comes to your children and assets.
If you have an estate opened, find out who the executor is. This person(s) is in charge of administering the estate according to how the decedent wrote in their will. They basically have to see what debts are there in the estate and pay those off. If there are any claims owed to the estate they file lawsuits for claims. In addition they are in charge of distributing assets from the estate to the beneficiaries named in the decedent’s will. From speaking with many executors, this position can seem flattering that they were trusted enough to handle the estate, but also burdensome as it will add a lot of extra work into their lives.
During the probate process, selling real property can be a part of the process. Oftentimes, executors would like to sell the property quickly so they can settle and close out the estate. Until all requirements are met within the estate, it cannot be closed. So the advantage of selling the property fast for cash and as is, makes sense on many levels. The quicker you can sell the property, the quicker the estate is closed and everyone can return to their normal lives. Sometimes, the judge may force estates to list a property on the market, get 2 or 3 bids on the property, or just give the estate 1 month to procure a buyer. Whatever the situation is, we can help. Fill in the info to the right to see if our Tripod Solution will work for you.
- Cash offer, quick close
- 2 Listing option to get it listed on the market (if property is in good shape)
- 3 Loan Takeover
We just completed a transaction where the mother died in an estate. It was a small estate. The challenge is that family members were all over the country. The mother lived in Goldsboro NC. The children were all scattered around the country, South Carolina, Georgia, Chicago, Las Vegas. This is a challenge sometimes in the sense of getting all of the beneficiaries in the estate on the same page when communication may take many phone calls or meetings over different time zones. This is why simplicity makes a lot of sense.We just helped another estate to buy their property. They had 9 siblings across the country. It literally took 3 months to get all of the siblings on the same page. The process entailed getting all of the siblings on board with a cash sale. We figured out a fair cash price that was a win win for all. Then, in this county the estate had to file online to see if any petitioners would come forward in regards to any debts owed to them from the estate. This had to be run in the local paper for 2 weeks. After 2 weeks, and nobody came forward, we were able to move forward. This was a quick deal. About 2 months from time of acceptance to close. Contact us today to have a conversation for an overview of this process as it relates to the home sale.
Click here to have a conversation with one of our team members to go over your situation and see how we can help to buy your home for cash. Fair cash offer. We have helped out hundreds of sellers over the years and are very familiar with the process.
We are not attorneys and do not offer legal advice. We are home buyers that are familiar with the process. Try us out today!