Hassel or Headache when Dealing with Probate? How
Let's start first with understanding what probate is and how it may effect the buying or selling of a home after a loved one has passed.
Probate is a legal process that validates and verifies ownership of assets and how they will distributed in the event of death. This process can sometimes be avoided and the hassle and headache minimized if precautions are taken in advance. Setting up a will and trust are a couple items that can help.
Make sure that you understand the differences between the different types of wills and trusts.
'A will covers any property that is only in your name when you die. It does not cover property held in joint tenancy or in a trust. A trust, on the other hand, covers only property that has been transferred to the trust. In order for property to be included in a trust, it must be put in the name of the trust.'
It is imperative that when the trust is set up that all assets are retitled to the trust. This is easily done when all parties are living. Make sure the attorney of your choice is familiar with your state's laws regarding assets, real estate, wills & trusts.
If the assets are not retitled to the trust, probate will be necessary. A common mistake happens when a spouse assumes that the properties or houses automatically get transferred to them. This is not so. Every state has its own laws, rules and regulations so make sure to do your homework, ask questions and stay informed of any changes that may affect the sale of property in the event of death. If there is not a will, the estate will be subject to abide by the strict rules of intestacy
The effects of probate may cause headache and hassle by, costing you a lot of money (attorney & courts fees), taking up a lot of time and may extend closings considerably ('The court will take an average of six to eight weeks to sign an order allowing assets to be distributed.') with any property sale.
There are many resources to help with probate that will get you through the process. Just remember, if you have to go through probate make sure the attorney you chooses specializes in wills trusts and real estate. And keep in mind that you can avoid the hassle by taking precautionary actions.
The Cindy Bates Group @ Keller Williams East Idaho
Cindy Bates 208-227-5321 * Shalan Hyde 208-716-5480 * Zac Keating 208-313-1180
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