What IS Probate ?? Have you ever 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 might be in probate.
Hi, I’m Paula Quinn with RE/Max Central, and I’ve been selling, and negotiating for over 20 years. Probate is the kind of thing that can add stress, so let’s try and alleviate that.
What is probate? It’s a legal process that’s required to sell a property that is in the deceased person’s name. When in probate, the court gets involved at various levels depending upon the situation. So, a person is assigned to administer the estate, which may very well be you if you’re watching this video, and 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 often substantial fees associated with completing a probate procedure. One of the biggest reasons an estate that 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 your home, into a trust. A very common misconception about probate is that people think that a will keeps property out of probate, and 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 the 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 professionals and services that you likely may need along the way. Continue to watch other videos in my probate series for more detailed info, and free downloads on probate.
Also, please be sure to seek the advice of a lawyer, or an attorney, as I am not one, but simply giving helpful information.
I’m Paula Quinn with RE/Max Central, and remember, I want you to love where you live.