What Does It Mean If You Inherit a Property in Probate?
The issue of inheritance is such an important topic that requires the attention of all. If not for anything, the legalities behind it require that one understands one of the essential words in the legal process of inheritance - probate.
Hence, in this post, our real estate professionals at Bill Buys Houses will try to clarify what it means to inherit a property in probate in the Minneapolis area.
What Is Probate?
With regards to inheritance, probate is a process where properties are legally distributed after the passing of the owner.
The probate process can be made seamless if you work with a good probate attorney. For example, in a situation where the deceased signed a will before his death, his properties would be subject to the probate procedure, which a court oversees.
The Probate Process
This process includes identifying and locating the worth of the remaining assets, as well as paying taxes and obligations until the assets are handed on to the appropriate inheritors.
The probate procedure is governed by a collection of regulations that may differ depending on where you live, as laws vary from state to state in the United States. These regulations are incorporated in the state’s “probate codes,” which also include provisions regarding succession if a person dies without a will.
Even if there is no will, probate still involves the distribution of assets, such as selling inherited property and the payment of last expenses. Although the regulations governing the probate hearing process vary depending on where you live, the stages are typically the same whether or not there is a will.
Three Major Players in Probate Inheritance
1. The Probate Attorney
This is the person you need to contact when you are ready to inherit a property. Your probate attorney must be experienced in the probate legal procedure of your state.
2. A Real Estate Agent
When you are in line to inherit a property, you need to work with a reputable real estate agent who understands the probate process. Your real estate agent can help you get a reputable probate attorney and sell your inherited house fast in some situations.
3. The Personal Representative
If you are not available, you can send a representative to stand in for you. However, you should transact the probate business yourself if you are the sole inheritor.
Sell Your Inherited House
Are you looking to sell your inherited house fast in the Twin Cities area? Contact Bill Buys Houses today!
We will help you with the probate process and buy the home as-is with cash. Give us a call at 651-720-9191 or fill out this form to get in touch.