Are you dealing with a house in probate? If that’s a new experience for you, you’re bound to have a few questions. One of those questions likely revolves around what could happen to that house during the probate process. Generally speaking, the answer will be one of three different options.
Inherited as Directed by a Will
Real estate inheritance can be quite straightforward, provided there is a will. If the will instructs how the house is to be inherited, it is the executor’s responsibility to see that through. The house may be inherited by a single beneficiary, multiple beneficiaries, or may be sold and the proceeds inherited as directed. Typical beneficiaries include the surviving spouse or surviving children.
New Ownership Assigned by a Judge
If there is no will, things get a little more complicated. Ownership of the house may be transferred via a transfer-on-death deed, joint tenancy law, or through a living trust. If that hasn’t happened, however, the probate court will assign an executor, commonly an immediate family member. After that, the house and estate enter what is called intestate probate, which is governed by the state’s intestate succession laws. The judge will decide who inherits the house based on the state’s laws. A spouse, children, and next of kin are common beneficiaries.
Sold under Probate Oversight
Some circumstances require the house to be sold while in probate. When this happens, it’s best to make sure everyone involved is well informed on how probate sales work. Because time is of the essence, a fast sale for a fair price is highly desirable. That’s where buyers like Simply Sold Homes USA come in. We make fair, no-obligation cash offers on homes in all sorts of conditions. Our fast, easy process means some homeowners have sold their homes to us in 30 days or less. Pretty good deal, right?
When dealing with a house in probate, it’s always helpful to understand what different things could happen to it. In essence, the house will either be inherited or sold. Which one happens will depend on things like whether or not there was a will and if the estate needs to be liquidated to settle debts or to allow the proceeds to be inherited by beneficiaries. Remember, the more you know, the better prepared you’ll be for whatever the outcome is.
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