There’s a lot that happens in the aftermath of a family member passing away. There’s the funeral to plan, burial arrangements to make, and then the execution of the will and division of possessions and assets. In many cases, a house is included in that list. That may mean that the property goes into probate. If that happens, what should you expect?
Explaining Probate
As you might imagine, there are certain legal aspects to the division of possessions and assets. If a will has been left, the process of authenticating it and approving the executor is known as probate. If no executor has been identified, the probate process should assign one. Probate will also handle the division of assets if there is no will left behind by the deceased. If that happens, the case will be assigned to a probate court that will oversee everything.
Getting Through the Process
There can be a lot of steps to complete to get through probate. If you become the executor, one of the first things you should do is to become familiar with probate and the ins and outs of it. You don’t necessarily have to become a legal expert (that’s what lawyers are for), but a certain amount of familiarity will undoubtedly come in handy. Make sure you communicate decisions and steps with the family and heirs. You don’t want anyone to be surprised by anything if you can help it.
What to Do Next
Any real estate involved in probate will need to be properly prepared. Items will need to be inventoried and packed up, and the place will need a good cleaning. Then a decision will need to be made regarding what is to be done with the property. Your options boil down to selling, renting, or keeping the property. That may be outlined in a will, or a decision may need to be reached by those who stand to inherit. In some cases, the property may need to be sold to balance outstanding debts. If that happens, selling the property quickly for cash is definitely an option worth looking into.
Knowing what to expect when a house goes into probate can help you prepare for what comes next. This is true regardless of whether you’re the executor, the beneficiary, or both. Remember, you don’t have to be stuck with the house if you don’t want to be. You can always sell it for cash to get it off your hands. As a bonus, it could even help you close the probate process more quickly. New to the idea of selling a house for cash? Learn more about how it works here.