If you have recently inherited a probate property, you and your family are likely going through an emotional and challenging time. In addition to the pain of losing someone irreplaceable in your life, you are also suddenly thrown into a complicated world of court procedures, attorney fees, paperwork, and a flood of confusing legal information.
California has probate regulations that are different from those in other states, and it can be overwhelming and challenging to keep all the facts straight. Here are a few things you’ll need to know.
What is probate?
For most, this is your first time going through the process, and you may be wondering, “what exactly is probate?”
Probate is the legal process that occurs after someone has passed away and did not leave behind a living trust. It ensures that all property and assets are distributed correctly, such as inherited funds, final bills, and taxes. An executor or administrator is appointed to carry out and oversee these responsibilities and typically given to a direct family member.
You cannot do anything with the property without an executor
Unless the courts appoint an executor, it is illegal to list, sell, discard, or clean the home and assets you have inherited.
The executor first must get the property appraised, which also includes furnishings, bank accounts, automobiles, and other personal belongings. Only after this can the executor choose what to do with each property without court supervision.
Probate is not needed if the estate is worth less than $150,000
Many people might not be aware that if you are in the state of California and the decedent’s estate has a total value of less than $150,000, you are not required to go through the probate process.
There are different rules for every state, and it takes a competent probate expert to be aware of all the details.
Selling a probate property is different from selling traditional property
Selling a traditional property might seem complicated enough on its own. The selling of a probate property involves various contracts, timelines, pricing rules, and necessary actions to take at different stages in the selling process.
Depending on the estate, it can sometimes even take a year or longer to complete. Luckily, there are probate realtors who specialize in selling this type of property and know all the ins and outs to get the job done right.
Probate realtors are different from traditional real estate agents, as they are experienced in handling and understanding the entire probate process.
You might expect that a probate attorney knows everything about handling the procedures involved with probate. However, probate attorneys do not have the skillsets required for selling homes, and leaving this up to them can prove costly.
Because they lack probate real estate knowledge, it will take them more time to look into how the procedure works, and they might miss important details that are vital to ensuring the proper sale of the property.
Remember, it is essential to hire a qualified probate realtor who understands the entire probate process.
Our team at Josh V reality has over 100 combined years of experience selling probate property with dedication and efficiency. Contact us today for a free consultation. You’ll be glad you did.
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