If your home is in probate, you might be wondering what in the world just happened and what strange wormhole you fell into. Anything involving legalities and the courts can be complicated, so your feelings are totally understandable. Read on to learn about probate without all the judicial jargon. We will spell it out in layman’s terms that you can actually understand!
What is Probate
Put simply, probate is the process that deals with a deceased person’s will. It involves reviewing the will, making sure that it is authentic. It also involves administering the will. If there is a will, the executor should be named in the will. If there is no will, the court will name an administrator. The job of the executor or administrator is to manage the deceased person’s property, including collecting the assets, paying down any debts or bills, and distributing the rest to the beneficiaries (the people named on the will). Where there is no will, the assets will be distributed to the nearest relatives.
Is There a Way to Avoid Probate?
The only way to avoid probate is for the person to make a living trust before they pass away and while they are of a sound mind. A living trust should be made for all major assets, including real estate, vehicles, bank accounts, and retirement funds. To create a living trust, you must choose a trustee who will take over responsibility for these assets after you die. In California, probate fees are high and the process can take the better part of a year to several years, so creating a living trust is the best thing you can do for your descendants.
Can I Sell a House in Probate?
Thanks to the Independent Administration of Estates Act, executors can sell a house while it is still in probate. All that is required is to receive permission from each beneficiary at least 15 days before the sale. As easy as that sounds, being the executor of a will is a serious job with many legal responsibilities. Because the process can be so complicated, and you can get into real trouble if you make mistakes, it is a good idea to hire an estate lawyer to help with the details.
While being the executor of a will or administrator of probate is no picnic, it doesn’t have to be as complicated as it seems. Luckily, you can sell your home and free up those assets, which will speed up the process quite a bit.
When your home is in probate, turn to Prime Buyers. We will buy your home in as little as 7 days, greatly reducing the time and effort of administering probate. Just click here to get started!