Sudden and unexpected deaths can throw a number of things into chaos. If the deceased is a homeowner, for example, the property under their ownership requires some immediate procedural action in order for beneficiaries to get the most of the property values. Here’s what to do if you are the authority over a house in probate!
The Probate Process
What does “probate” even mean? When a homeowner dies, the property enters “probate”—the process of sorting out and administering the estate values. Any money, objects, assets, or valuable resources are included in the estate. Once residual taxes and debts have been paid off, that money and those objects or assets or whatever else is considered valuable property are distributed to the beneficiaries as designated in the will. The “executor” oversees that distribution; this individual should be named in the will.
The first step is for the property to be transferred officially to the heirs named in the will. The executor, who must apply for official authority over the property, should make sure everything listed in the will is carried out. If there is no executor specified by the deceased in some official, documented capacity, the house is connected to a living relative by the probate court.
Maintaining a Home in Probate
The process of carrying out and divvying up an estate can take anywhere from weeks to years. The executor works with the probate court to check off each item in the will; anything else is left up to the executor’s discretion to handle. The executor should be aware though that, usually, probate action must be filed within three years of the homeowner’s death.
Selling is an Option
If an executor has discretion over the entire home property, they can sell directly to a home buying company! These businesses make the home-selling process easy, straightforward, and very fast, which is especially helpful for an executor struggling through mourning the death of that homeowner or scrambling to get funding for a funeral. A home buying company offers cash for homes as they are—no required damage repairs or renovations.
Another perk in regard to working with a home buying company is that the entire sale can take as little as a week from inquiry to sale. This can save you invaluable time and energy, especially if you are mourning a loved one or having to manage other legal logistics. Just request an evaluation of the home and they will make a cash offer within 24 hours which you can accept and close in days.
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