Reasons to Sell Probate Real Estate
Probate is the process where an executor of a will can legally liquidate bequeathed property to satisfy beneficiaries while staying true to the deceased’s last wishes. The inheritance can be anything but it is commonly in the form of real estate and valuable possessions such as cars, antiques and jewelries. Despite the sentimental value of the property, there are many reasons why it is inevitable to sell probate real estate and possessions. Executors and beneficiaries alike tend to agree on the sale because it is the only way to make it divisible and convenient for everyone involved in the will.
After being granted probate, the first concern of an executor is to settle the debts of the deceased then divide the rest among the heirs. Creditors always come first and debts are to be paid in full. It’s possible for an executor to save himself some trouble and just surrender some of the property to cover what the debt but it is usually impractical. The property can be worth more than what is owed thus can cause unequal division of assets. Selling the property is the best step so that every dollar can be settled without reducing shares of the heirs.
Often, the decision to sell probate real estate is unanimous among heirs in order to save themselves from future losses caused by the acquisition of the property. The fact is probate property entails repairs, maintenance and taxes that need to be paid annually. If the beneficiaries are unfortunate, the property also has payments that has not been finished yet. This can all be avoided if the property is taken off their hands. Granted that selling probate estate is not an easy process, it does ensure the heirs that they will no longer be haunted by their financial responsibilities to the property.
Even if the beneficiaries can afford to keep the real estate, there’s still an emotional and psychological effect of probates. Usually nobody wants to relive the emotional trauma of the loss by staying in the house. Staying in an old house also tend to make individuals feel stagnant in their lives compared to starting anew with the money.
The executor usually persuades the heirs to sell probate real estate because it is the ideal way to divide assets equally among the people involved. It is also a saving grace for the executor’s sanity and peace of mind. Unfortunately, being an executor also means being the mediator for heirs who fight tooth and nail to get what that they want. Selling promotes equality among them. It is incontestable because each gets what the others got. Settling for equal shares is always better because the alternative is dragging themselves to long and tedious court processes that in totality are unnecessary and can be very draining.
In you are in Florida and need to sell probate real estate, talk to us at Probate Solutions FL and we can give you assistance as to what all of your options are. There is no obligation and we truly want to find the solution that’s best for you.