Losing a loved one is extremely difficult. It is hard to imagine anything that could possibly make your situation worse when you are in mourning. And then probate comes along to raise your blood pressure and overwhelm you with responsibilities. Thankfully, there are some things you can do to simplify this process. If you aren’t sure how probate works, here is a quick guide.
What Is Probate?
Probate is the legal process by which a deceased person’s estate is managed. Depending on the estate, the will, and additional factors, probate can take months or even years to complete. If you have been named the executor by the deceased or the administrator by the court, you are in for a big job. It is your job to find, collect, and present all of the documents pertaining to the estate. You will also be charged with paying off any debts, withholding funds for taxes, and distributing the remaining assets to the beneficiaries.
Probate Property Laws
Another responsibility given to the executor or administrator of probate is to maintain any properties that are included in the estate. You are legally required to ensure that no value on the property is lost during the probate period. This means regular maintenance such as lawn care, snow removal, fall clean-up, winterizing of the property, and gutter cleaning. It also means that you must do everything in your power to protect the property from burglars and vandals.
Selling Your Inherited Property
This kind of property maintenance can be a massive job and take a serious toll on your time, pocketbook, and emotional health–especially if you don’t live near the property. That is why many beneficiaries opt to sell their home as quickly as possible. Selling eliminates the need for required maintenance and other property management tasks. It also allows you to distribute the proceeds to the beneficiaries in a timely manner. Thankfully, you can sell the home during probate if you have permission from each of the beneficiaries.
If you decide that the best option is to sell the property as quickly as possible, there is no faster or easier way to unload your property than to sell it to a home buying company. Home buying companies will purchase the home as-is and they can close in as little as a week. You don’t even have to be there. Best of all, the process is pain-free: no repairs, no realtors, no showings, and no maintenance. You don’t even have to empty out the house!
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