Probate is the process that an individual’s belongings go through after their passing. During this, an executor of the estate will work with the courts to divide up the assets among heirs. These three outcomes are the most likely ones you’ll see for a home in probate.
Direct Transfer to an Heir
The first and most likely outcome for a home after an individual passes away is that it will be directly transferred to an heir. When an individual is nearing the end of their life, they’ll meet with an attorney to draft up a final will and testament. This legal document states how they want their estate divided up, and who should inherit which piece of property. If the individual left a will before their death, the probate courts will use this to determine who gets their home. While this is the most common outcome for a home in probate, there are many alternate scenarios that can occur during probate.
No Will is Left
As much as people try to plan ahead for the end of their lives, there are always extenuating circumstances. In some cases, the individual doesn’t have the chance to leave a will behind before they pass away. If this is the case, a more lengthy process needs to happen in order for the home to be legally transferred to another. The courts will work with the executor of the estate to determine who the individual would have chosen had they left a will. Their top priority is to honor the wishes of the deceased and to choose the right heirs for each piece of the estate. Because of this, they will usually choose to give the home to the decedent’s surviving spouse or one of their children.
The Home is Sold
The final most likely outcome of a home in probate is that the home will be sold to pay off any outstanding debts that the decedent accumulated during their lifetime. Once again, the courts, the executor, and the surviving family will work together to come to this outcome. If they do choose to sell the home, the process of doing so in probate can be quite complicated. To make things easier on yourself in this scenario, consider selling the home to a home buying company. If you do this, you can sell the home as-is instead of making expensive repairs and updates. You can also close on the sale in a matter of days, shortening the probate process considerably.
Dealing with probate in regard to an individual’s home can be a complicated process. Nevertheless, there is no reason to go about it alone. Contact a real estate professional today to get help selling an unwanted, inherited property.
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