Have you inherited a house that’s in probate and not sure what to expect? I’m here to give you some insight on what probate is and what you can expect and why your home is in probate.
I’ve been selling Real Estate for almost a decade. This kind of thing can add stress so let’s alleviate that. Probate is a legal process that is required to sell a property that is in the deceased person’s name. When in probate, the court gets involved at various levels depending on the situation.
A person is assigned to administer the estate, which may very well be you. That person is called the Personal Representative or PR for short. You can also expect there to be an Estate attorney to help with this legal process, and know that there are some substantial fees associated with completing a probate procedure.
One of the biggest reasons an estate goes into probate, as far as real property goes, is the way the title was held. The best thing to do to avoid going into probate occurs BEFORE the owner passes. By working with an Estate attorney, you can avoid Probate by putting your assets, including real property, such as a home, into a Trust.
Wills and Probate
A common misconception about probate is that people think that a will keeps property out of probate. That is not true! The “WILL” does allow the deceased to determine such things as who receives what, as well as who will be the executor of the will. This is much better than trying to sell the property intestate, or without a will.
If there is not a will, the state determines the intestate succession. In other words, who receives the property that is left behind. If you find yourself involved with a probate, there are many resources available to help direct and smooth the way. We’re equipped to help answer many of your questions as well as become your resource to connect you with other vendors and services you may need along the way.
Continue to watch other videos in my Probate Series, for more detailed info, and free downloads on probate. Also, be sure to seek the advice of a lawyer or an attorney as I am not one but just giving helpful information. I’m Eren Millam w/ Premiere Property Group and remember, Extraordinary Service Delivers Extraordinary Results.