Top Elder Law Attorney Rory Clark founder of the Legacy Elder Law Center in Leesburg, VA, outlines what happens to real estate during probate. For more information please visit https://legacyelderlaw.com
Leesburg, VA, United States - June 29, 2023 —
Probate can be challenging to manage as it can combine property, money and family. Here, Elder Law Attorney Rory Clark offers a way through the process.
For more information please visit https://legacyelderlaw.com
Probate is a process by which beneficiaries legally inherit assets from a will. The descendant will usually name an executor to carry out their will’s instructions. A close relative can be assigned as an executor through state intestacy law if the person dies without a will.
If a property is involved, it doesn’t have to be sold within the probate court. An executor will have to complete the probate process before obtaining the title. Then, they can seek advice from a realtor on an accurate property value and if renovations are required before listing.
Clark, of The Legacy Elder Law Center, in Leesburg, VA, said a starting point for an executor is to contact a probate lawyer to understand the process and what is required.
The process begins with a petition filed to a local court where the deceased resided. An executor should inform beneficiaries listed in the will about petitioning for probate and the court date if they want to file objections. Legitimate and identified creditors must also be notified.
Clark said: “The next step is drawing up an inventory. This includes locating all estate planning documents, the person’s assets, such as bank statements, life insurance policies, property deeds, and any debt that could stand against the estate’s value.”
Once done, an executor can settle legitimate debts or personal loans with money from the estate and file income tax returns, including paying inheritance taxes. He said: “When outstanding bills and creditors have been paid, you can petition a court to legally transfer assets to beneficiaries named in the estate.”
Real estate could be a minor thorn in an executor’s bid to process probate, particularly if someone died and left no will. “An executor can petition the court to sell the home, outside of probate, but check state laws and with an attorney on selling a probate property without court involvement.”
In an intestate situation (when someone does not have a will), a local court will control a house sale and bidding process. Depending on state law, an executor should consult a realtor, a Certified Probate Real Estate Specialist (CPRES), to value, market, and sell the home.
Under some state laws, it can be sold within a certain period. If an offer is accepted, sometimes it can be sold without court involvement, or there may be a period to enable an attorney to secure a court date to finalize the sale.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: Market Station, 108 South Street, SE, Suite 212, Leesburg, VA 20175
Phone: 703-783-1195
Website: https://legacyelderlaw.com
Release ID: 89101120
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