When someone passes away, their estate (all their worldly belongings) often goes into a process called probate.  This process is overseen by the local probate court, where a judge appoints an Executor to oversee the administration of the estate.

It is the Executor's job to make sure that the belongings are divided fairly and according to the decedent's wishes.

In many cases, when an heir inherits property (residential or commercial), they inherit a burden. There are taxes to be paid, insurance payments to maintain, repairs, even in some cases, a mortgage or second mortgage that must be kept up to date. 

Often until probate settles, the Executor may have to make these payments from their personal funds.

 

Additional challenges pop up when there are multiple 'owners' (heirs), many of whom who may live far away.  Often there is disagreement about selling the house, even thought that may be the only way to raise the cash needed to make sure that everyone gets their fair share of the estate and that the all of the bills are paid.

Many people think that selling real estate in probate is extremely difficult, it is NOT. The truth is that, in most cases, the Executor has the power to make a decision to sell – sometimes with or without the agreement of all of the other heirs to the estate.

In some cases, he or she may also need the permission of the court, but even if that permission is needed, the judge will make a determination based upon the monetary needs of the estate and then and will grant approval accordingly.

Having been through the probate process, we know from first hand experience many of the challenges that arise when an estate is going through the court and settlement process.

 

To learn more Click Here for the 5 Simple (and Effective) Tips to Avoid Probate

 

Every probate situation is unique. Every probate process has its challenges. If you or someone you know is trying to settle an estate, please click on the link below, tell us a little bit about the property in the estate, and we will contact you to discuss how we can help you settle the estate.