Just what does the term probate mean and how does it affect selling real estate in probate? The term essential means to “prove the will” usually through a court proceeding. A will that is probated becomes a legal document that can be enforced by a court of law if it becomes necessary.
The process of probate proves that the will of a deceased person is in fact valid. This will allow the property and holding to be transferred to the beneficiaries. This can include selling real estate in probate actions. During the probate process, the executor or executors of the will must be guided in when and how to distribute assets. They must also be guided as to how to take the rights of creditors into account. Selling real estate in probate comes into this picture as well.
Before any heirs can receive any money in probate, they must provide the funding source that has specific information regarding their anticipated inheritance. Another step that heirs may have to go through is to receive a probate loan. They may be required to provide date of death values for any life insurance proceeds and financial accounts that were owned by the decedent.
When it comes to selling real estate in probate, the heirs and executors must still follow the rules and regulations set forth by individual state requirements. There may be some issues that need to be resolved concerning the inherited real estate. Generally, selling real estate in probate is handle through the services and professional guidance of a probate or real estate attorney.
Selling real estate in probate can entail not only the probating of an estate, but also getting trust loans in place to cover the anticipated sale. Selling real estate in probate can be a difficult process depending on how detailed the will of the deceased owner is. It can be even more difficult if there was no will to begin with because the probate process can become even more difficult.
If you need advice about selling real estate in probate, your best bet is to contact an attorney who specializes in probate and real estate law.