Going through the probate real estate process can be a frustrating one for many individuals. At a time in your life that’s already stressful, the last thing you want to do is answer a ton of questions and file paperwork. It’s much easier when you have an experienced Probate Real Estate Agent Denver on your side to walk you through the steps of probate.
What is probate in real estate?
Probate is a fairly broad category as it has to do with a deceased individual’s will. It can detail which assets go to which people, or it can be more simplistic. Probate court is where you’d have to go to have a will reviewed and determined to be legally valid. If you’ve been named as the executor of someone’s will, you’d be the person who initiates probate. When it comes to real estate, these proceedings will determine who should get the property or if it will be sold. Then, you’d follow through with steps dependent on what’s decided during the hearing.
There are other issues at hand you’ll have to consider and that’s why working with an agent who’s well-versed in probate would be worthwhile at saving you the headache. This includes notifying any creditors who are owed money, taking care of income taxes, and making sure that back taxes on the property are or will be taken care of before someone takes ownership. If this is not taken care of, it will be necessary to notify anyone who will have the property that they’d be responsible for this.
How Long Does the Probate Process Last
How long it lasts depends on several factors. If the individual has a will, the size of their estate, debts, and taxes that must be settled, number of heirs, contested issues, and the state’s laws will affect the time frame. A small estate may take only about six months but a more typical probate case can take about two years.
Exception to Probate
There won’t be any probate real estate process if the deceased has a surviving spouse. This is because they typically hold assets jointly with rights of survivorship. This isn’t necessarily the case with a property that was owned by the deceased prior to marriage. It’s in your best interest to have any matters like this cleared up by a professional first.
Probate real estate matters don’t have to be a total source of aggravation. Put your trust in a probate real estate agent who won’t steer you wrong and will help you with the steps that you need to take for a successful process.
