Probate Real Estate
What is Probate Real Estate?
Probate Real Estate is any property, owned solely by the deceased, that cannot automatically transfer to someone else to properly and legally sell is required to go through Probate Court.
Dealing with the Probate Process of a home is a complex subject and there are several complicated issues to resolve. It is important to keep in mind that the Probate Process simply involves the court to intervene concerning the Will (Testate) or not having a Will (Intestate) of an estate property.
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Wills
Most houses that are inherited are passed at the owner’s death (Decedent) by the terms of the Will. A Will is a person’s last chance to do whatever they wish with their property. It is a legal document with the authority to dictate the disposition of a person’s property at death and names an Executor accountable for the distribution of the assets including the real estate. The Will is very difficult to contest, no matter how apparently unreasonable its terms may be.
Estate Executor’s and Administrator’s Duties During the Probate Process
The maker of the Will is the sole owner of a home, that person enjoys complete rights to it (subject to liens, creditors, or mortgages) and can draft the Will in favor of legal heirs or anyone else he or she wants to inherit the property.
For those family members who do not want inherited property should consult an attorney promptly, as disclaimer paperwork will likely have to be filed with the Probate Court in the county where the property is located.
Resources & Assistance
As a Certified Probate Real Estate & Estate Sales Expert, I’ll provide you the resources and assistance you need concerning:
Attorneys & Appraisers
Estate Sales or Property Liquidation
Repairs, Maintenance, & Professional Cleaning
Comparative Market Analysis
| STEP | DURATION |
|---|---|
| Apply for and IRS Estate Tax ID or EIN | ASAP |
| Prepare and File Petition for Probate | 1—2 months |
| Court hearing on the Petition for Probate | 2—3 months |
| The following are issued: Letters of Administration, Orders for Probate, Duties and Liabilities, Issue Bond (if ordered), and Letters Testamentary | 2—4 months (if not contested) |
| Notice to Creditors | 2—4 months |
| Notice to Department of Health Services Inventory & Appraisement | 4—8 months |
| Pay State and Federal Taxes | 6—12 months |
| Allow or Reject Creditor Claims | |
| Possible Preliminary Distributions | |
| Notice to Department of Health Services (if deceased receive medical) | |
| Notice to Franchise Tax Board (if heir is out of state) | |
| Claim of Exemption (if assets transfer to a minor) | 6—15 months |
| Receive Final Tax Letter from State and Federal (if appropriate) | 6—18 months |
| File Petition for Final Distribution and Accounting | 8—16 months |
| Hearing on Petition for Final Distribution and Accounting | |
| Order Approving Final Distribution and Accounting | |
| Distribution of Assets to Heirs | 9—17 months |
| Final Discharge Order (indicates close of probate case) | 9—18 months |
| Final Distribution of Funds | 9—18 months |
| Prepare and File Petition |
