When it comes to real estate property or any other inheritance that needs to be passed on to named beneficiaries, there are legal procedures to be followed. One of them is probate, and in many instances, it can be quite a process. Different states have different ways of dealing with properties on probate. This post will look at this matter as well as what you should expect when you need to sell a house in probate.
The first thing that you need to understand is what probate is all about. We’ll start from a general viewpoint and then narrow it down to real estate probate. The following post gives a clear explanation of this:
Probate Rules: A Guide to Probate Real Estate
Probate real estate may be the biggest and fastest growing sector in America. Here’s what you need to know about it…
What is Probate?
Probate is the process of proving a will. The courts preside over a will when someone passes away, in order to verify its authenticity, and approve it. With over 60% of American households owning a home, and many more investment properties, there is a good chance that real estate will be involved in the probate process.
The Probate Process
The probate process is court supervised, and probate rules can vary in details from state to state. Each state can have its own requirements, fee structures, and timelines. Read more at UpNest…
There is a general procedure you should expect to go through during probate. The law gives the framework within which the process should be conducted.
However, there are times when probate may take longer than expected. Julie Garber explains some of the scenarios that may lead to an extended probate process:
Why Does Probate Take So Long?
While in most situations probate can be avoided, in reality, many people fail to make an estate plan and so their assets will end up at the mercy of a probate judge after they die. To make matters worse, for some estates probate can take on a life of its own, dragging on for many months or even several years. While a multitude of factors can contribute to a long and drawn out probate process, here are the top five reasons why probate can take so long:
Estates with more than a few beneficiaries. Practically speaking, estates with more than two or three beneficiaries will take longer to probate. Read more at The Balance…
If you find yourself in a long probate process, then there are certain situations that may have caused them. It will require some patience on your part to go along with the procedure until its closure.
If you are wondering if it is possible to sell a house in probate and how you should do it, the following post should help answer your questions:
How To Sell Inherited Real Estate in Probate
In essence, probate is the legal process of assembling together the assets of the deceased, and then paying off all debts and taxes. Any remaining assets are distributed to the inheritors.
Some states have adopted the Uniform Probate Code (UPC), which simplifies the probate process and gives more flexibility to the executors of the estate. In UPC states, the probate process is mostly paperwork, and typically does not involve the court.
But if there is a disagreement between the heirs, the court may rule that the house must be sold so that the value can be distributed. Read more at We Buy Ugly Houses…
If you have inherited property in probate in Hialeah, FL and you want to sell it quickly in order to distribute the value among the beneficiaries, or for any other reason, Sell Fast Fair Offer has good news for you. We are dedicated to ensuring that you no longer have to worry about a house you would rather sell than keep.
We do not have long and arduous processes in buying property, and we will give you a fair offer that is unbeatable. You do not even have to worry about sellers’ fees because we will take care of them. Call us today and sell your house in probate fast.