Welcome to the AllIdahoFallsRealEstate.com Blog

2016-07-18 14:56:52
Hassel or Headache when Dealing with Probate? How

What is Probate?

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

Office 280-227-5321 

Cindy Bates 208-227-5321 * Shalan Hyde 208-716-5480 * Zac Keating 208-313-1180




Blog Archive
2018-12-07 15:09:36
The Tale of Two Markets

2018-12-06 14:15:21
Try Just One More Time

2018-12-05 18:11:20
Where Are Interest Rates Headed in 2019?

2018-12-04 11:39:33
Homeowners Aged 65+ Have 48x More Net Worth Than Renters

2018-12-03 13:05:09
4 Reasons to Buy A Home This Winter!

2018-11-30 21:00:10
7 Items to Check Before the Big Freeze

2018-11-29 11:38:26
Further Proof It’s NOT 2008 All Over Again

2018-11-28 16:47:22
24% of Renters Believe Winter is the Best Time to Buy a Home

2018-11-27 23:05:22
The #1 Reason to Not Wait Until Spring to Sell Your House

2018-11-26 13:26:24
Buyers: Don’t Be Surprised by Closing Costs!

2018-11-21 17:02:47
3 Things Homeowners Are Thankful For

2018-11-20 08:56:10
Females Are Making It a Priority to Invest in Real Estate!

2018-11-19 15:57:52
7 Reasons to List Your House For Sale This Holiday Season

2018-11-16 15:07:50
The Cost of Renting vs. Buying a Home

2018-11-16 07:41:28
Home Sellers in Q3 Netted $61K at Resale

2018-11-12 11:50:14
How to Honor a Veteran Today and Everyday

2018-11-09 14:48:08
Highlights From This Month's Update

2018-11-08 09:17:02
75% of Renters Have Been Misinformed

2018-11-07 12:23:55
Why Has Housing Supply Increased as Sales Have Slowed Down?

2018-11-06 08:36:44
2 Myths Holding Back Home Buyers

2018-11-02 15:27:21
Are We Heading Towards Another Housing Bubble?

2018-11-01 12:34:52
How Will Home Sales Measure Up Next Year?

2018-10-31 10:19:23
Taking Fear Out of the Mortgage Process

2018-10-30 08:59:30
Are You Spending TOO Much on Rent?

2018-10-29 20:01:13
Thinking of Selling Your Home? Here’s Why You Need A Pro in Your Corner

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.