It’s challenging to sell a home after probate because the process can be overwhelming, especially if the grieving party has not had to be a part of the legal system before. Read on for support.
In 2019 studies report that 8.7 out of every 1,000 people died – many of whom owned homes or had other assets in their estate that their family might want to sell off after their death.
So how do you sell a home after probate?
Before beginning probate, it’s best to know basic probate facts, though many rules do vary from state to state.
No worries. I’m here to help you to sell your house after probate….and sell your house fast!
As you might know, I wrote a bestselling Bounce Back Ebook loaded up with resiliency psychology tools. Plus I founded the groundbreaking video course called The Anxiety Cure.
I’m committed to helping people to reduce stress – especially during challenging times. So I put together this article on how to sell a house after probate.
Most states require that the decedents must file the will with the probate court within 30 days of the death. If the will is not filed within this time period, then the court may appoint an estate executor instead of appointing the descendant. This filing deadline is also one of the major reasons that the filer should go ahead and handle the estate through probate, another would be that undiscovered assets could make the estate large enough to be handled through probate. Once the will has been filed, then the court can start to determine what is to be done with the assets. If there is no will then the estate will have to go through the probate process to be distributed.
The typical probate process seems to take around six to seven months, though if any part is mishandled or deadlines are missed the process will be longer. If there are no creditor issues and the family can agree, sometimes an estate can go through an abbreviated probate process, but it has to be eligible in a state that has this process. Once the will has an executor assigned to it, then the executor will start to locate and assess assets’ worth. When all debts have been paid any assets that remain can be distributed to the beneficiaries.
Unfortunately, if a house was included in the family assets of the will, then it will be tied up in probate. This means that selling a home during this process may be more drawn out than normal. The selling of the home may also have to be done to help clear debts out of the estate. This may mean that any profit from the sale will not be going to the beneficiaries. Real estate law may work for or against the beneficiaries depending on who was named executor of the will.
Because of the complexities of the probate process, as well as its tight filing deadlines, it’s important for the family to know about the estate planning process. Then the will can be filed promptly which will make it easier for a family member to be named the executor of the will and have larger say in what happens to the estate. If the estate is in order prior to the passing, then the family will have less to stress over in the days afterward. Also, they may have the chance to clear the house and make any repairs that are necessary in a timely fashion.
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