Heirs lose hundreds of thousands of dollars due to fear of taking the proper channels to probate property. This is a task that can be straightforward and bring security to you and your family. It is worth the time and effort to take the steps to help yourself. It can be very rewarding in the end.
For many years I have assisted heirs and homeowners resolve property issues that are involved in the Probate process. Probate properties require special knowledge and expertise in getting the property sold within a set time slot and helping homeowner and heirs resolve property issues with the bank and the courts to sell the property and satisfy the estate.
I have sold properties in Conservatorship, probate properties that were closed via short sale and various forms of distress, including assisting in resolving title issues so that the property can successfully close.
Please contact me so that I can help you in resolving your probate concerns.
What is Probate? If a party to the title has passed away in most cases, you will need to go through the probate court to have the property legally transfer title to an authorized party or heir.
Probate is the court supervised legal process through which a decedents assets are collected, his/her debts are paid and then the remaining assets are distributed to the decedent’s heirs or beneficiaries.
Every probate is unique, but most involve the following steps:
· A petition is filed with the proper probate court ( Contact the probate court in the county/jurisdiction that the property is located in. Most will be able to provide you with the paperwork required to open the case in Probate court)
· Notice is provided to the beneficiaries under the Will or Statutory requirement. (The probate court can provide a form to notify the heirs of the estate if they cannot be located you may be required to publish the notice in the local newspaper)
· The petition seeks appointment of a Personal Representative, called Executor if there was a Will, or an Administrator of the Estate if there was no Will.
· The Executor/Administrator may have to file an inventory and appraisal of the estate assests to the court.
· The debts owed to creditors are paid out fo the assets in a statutory order of priority.
· Estate assets may be sold ( the property in question)
· Estate taxes if applicable will be paid and fee to the Executor/Administrator or Conservator of the Estate
· Remaining assets are distributed to the beneficiaries/heirs.
This process is much easier if the person that has passed away has a will. If there is no will then then you will have to go through the court system to have the title updated to be placed in the name of the heir or the estate of the decedent.