Dealing with real estate probate may be a difficult and time-consuming procedure, especially after a loved one has died. So how do you deal with a probate property? In this article, we’ll go over five things to keep in mind when dealing with a residence in probate.
Before diving in on how to deal with probate property in Fort Worth, let’s talk about probate first.
What Is Probate?
Probate is the legal process that takes place after someone passes away in order to settle debts and distribute inheritances to heirs. Rules differ from state to state, there are some common guidelines to follow regardless of where the property is located. After someone passes away, you may go through the probate process against your own will to become the legal owner of the property. When a will is present, an executor will be appointed immediately. If there is no will, the courts will appoint an executor to help with the procedure.
How does Probate Work?
Probate is the process of examining and transferring a deceased person’s estate assets. A probate court usually examines a property owner’s assets after he passes away. The final decision on asset split and distribution to beneficiaries is made by the probate court. The first step in a probate case is to see if the deceased person left a legalized will.
In many circumstances, the deceased individual has established documentation that specifies how their assets should be transferred following their death. However, the deceased may not leave a will in specific instances.
Here Are Five Things That You Need to Keep in Mind When Dealing With A Real Estate Probate
1. You Have To Prove That The Will Is Valid
When someone dies, the court must be notified in order to initiate a probate case. This process is the first step in how to deal with a probate property. One must submit the will as well as supporting papers establishing its validity. The intent, the legal age of 18 at the time of signing, and the presence of two witnesses to witness the signature and the date of signing are just a few of the conditions for a valid will.
2. You’ll Need To Take Inventory of The Entire Estate
You need to disclose to the court other investments, such as stocks, bonds, cards, deeds, bank accounts, or any other high-value things in addition to real estate. These factors will be considered while paying off debts owed to authorized creditors and distributing assets among beneficiaries. It is a good idea to engage with a probate attorney during this early stage of the procedure.
3. You Will Need To Notify Creditors and Heirs
You must tell all creditors and possible heirs that you are initiating a probate action when your loved one passes away. Also, you may even need to publish a notice in the newspaper in rare cases. All lawful debts, such as credit cards and personal loans, must be paid off with the estate. Also, don’t forget Uncle Sam. When dealing with probate, you’ll need to file the deceased’s tax returns and pay any required inheritance taxes.
4. The Process Can Be Time Consuming
If you are the executor of an estate, you may find yourself dealing with a lot of paperwork, phone calls, and court appearances, which can take a lot of time. When there is a strong desire to succeed, things usually go forward more quickly than if there isn’t. A will establishes a plan, leaving little to the discretion of the courts. It may take months or years to finish a probate case. The process will go a lot more smoothly if you have everything ready ahead of time.
5. You Can Sell The Property While In Probate
Simply selling a house in probate is a quick and simple answer. If the estate is intestate, which means there is no will, the house must be sold through the probate courts, which is a very controlled process. There are court fees to pay, as well as certain procedures to follow. These procedures differ from one state to the next.
If an estate is testate, which means there is a will, the executor will be able to petition the courts to sell the property on his or her own. This is perfect for those who want to keep more control over the process while avoiding court expenditures. If you want to save even more money, selling your inherited property to a professional buyer who understands the probate process may be the best option. You won’t have any of the costs associated with working with a Fort Worth real estate agent when you engage with TMC Property Solutions. You won’t have to pay commissions, repair fees, or marketing costs, for example.
In some instances, the last will may overwhelm heirs. They might not want to keep it or be able to afford to do so. Spending money on repairs, improvements, and other listing charges will almost certainly be out of the question if the heirs can’t afford it. However, they’ll be able to sell their inherited Fort Worth residence swiftly, pay off debts, and distribute the sale money among the heirs according to the court’s instructions. Make sure you have the authority to sell your inherited property in Fort Worth before you do so.
It’s not easy to deal with probate property. However, you have options!
If we can’t help you, we probably know someone that can, so give us a call today.
TMC Property Solutions is a Veteran owned business and has been helping families across the DFW Metroplex for 20+ years, “Sell Your House Fast“, and providing solutions that work. We are an accredited business and A+ rated members of the Fort Worth BBB.
Be sure to reach out to our office if you have any questions on anything or to schedule an appointment HERE.
Maybe you are not ready to sell your inherited property today but wouldn’t be nice to know your options? Answer a few simple questions on our short form here and we’ll put together your no-obligation offer for your consideration.
Google TMC Property Solutions to see what others have to say about us and our services.
20+ years providing solutions for “selling your house fast”!