What is Probate?
When a person passes away, their assets must be distributed consistent with state laws and following the directions of the person who passed. Typically the process is outlined in the deceased person’s will. During the probate process everything is handled by a probate attorney alongside the executor. The executor is a person appointed by the deceased individual, designated to ensure that the contents of the will are followed.
What is the Probate Process?
The probate process, as briefly touched above, is a legal process to administer certain kinds of property by someone who has died. This includes, claims, expenses, taxes, and personal property of any kind. A probate lawyer helps the executor go through the will, line by line, making sure everything is handled promptly. Unfortunately, during this process there can be a lot of challenges which can lead to possible litigation. With the many natural obstacles arising the probate process can take anywhere between 9 and 18 months. This process can be very tedious and painstaking so be mentally prepared.
How is Real Estate Handled in Probate?
Real estate probate is the legal process following a homeowner’s death, where the property either transfers ownership to someone or is sold. Now that you own a vacant house what do you do? Do you sell it? Do you hold onto it? What are all your options? The majority of people tend to lean towards selling an inherited home, as holding onto it can lead to unnecessary headaches. There are 2 ways to sell your newly inherited property, through an agent or to an investor. When you sell to an investor it typically takes around 7-10 days to close their all cash offer.
Summary
The probate process can be very draining on all parties involved. The laws typically vary state by state so it is highly recommended that you do your own research for your individual state’s probate laws. If you need help going through any part of this process, reach out to a local probate attorney near you.