Probate Real Estate For The Beneficiary
Probate, by definition, is the process in which a person’s estate is administered through the legal system when he dies. In simple probate real estate terms, it is the legal process of deciding how to distribute a person’s property after he dies. In most cases, the deceased person would have left a will to inform the court exactly what he wants to happen such as bequeathing the property to the next of kin.
There are cases, though, when the person dies intestate or without leaving a will. If the case is the former, the legal system will swear-in the appointed executor and will be held responsible for the property. The executor will also be responsible for taking the deceased person’s creditor, if he has any, into account when deciding what to do with the bequeathed estate. If the death is intestate, then the court will take over and sell the property to satisfy claims by creditors and relatives.
To be left with property is always a pleasant gesture but unfortunately, the gesture entails a lot fo work topped off with a mountain of hassle. Often, the executor is also one, or the only, beneficiary. In order for a probate real estate to be released, the executor of the will needs to be “sworn into office”. This is the phrase used when the executor takes an oath to do his responsibilities honestly in accordance with the court.
The executor is then tasked to notify relatives, creditors and the public of the death of the testator through publication. This will allow creditors who are owed money to seek a claim to some of the assets amounting to what is due to them. Relatives of the deceased can also seek some of the assets of if they believe they have a claim to it. After which, the executor needs to make an inventory. Chances are, the deceased did not just leave literally just property. It may include valuable belongings and furniture that can be retailed. When the inventory is finished, the probate real estate and other items can be sold. Unfortunately, this is just the first half of the hassle beneficiaries will go through.
Unless the property is in an impressive state and in an incredibly desirable location, the beneficiary is more likely to find a way to make a quick sale. Keeping the home is usually an impractical step for someone who already has a home of his own because keeping the property means digging into his savings for its restoration and up-keep. When he employs the services of a real estate company to sell it, he still needs to make sure that the house passes inspection and looks appealing to potential buyers. That is more money dispensed.
The real estate company will try to secure the best price for the house but probate real estate has the tendency to stay in the market for a very long time and to be sold at a very low price. The beneficiary will have no choice but to sell because the longer the property is under his name, the more money he will lose. It is quite a struggle for beneficiaries but not for the buyers. They, on the other hand, only have to buy the property at a low price and enjoy it.
If you live in Florida, and would like to discuss what options you have to unload your inherited property quickly and easily, contact us now. There is no obligation and we are happy to answer any questions have may have.