When a will is presented to a court officer to file, it means that the will has been probated; but in more general terms, the handling of a real estate property through a legal system is often referred to as probate real estate.
In the probate process, before the beneficiaries receive their inheritance, all debts and taxes on the property are cleared. The probate process does not necessarily need a will to be carried out; the probate real estate will be probated regardless of the fact that a will is present or not.
- In case of a will, the estate will be transferred according to the will in the probate process
- In the case that no will is present, then the decision on the probate real estate is subject to the laws of the area where you live.
Benefit of the probate real estate to the deceased person
In the event of death, the estate of the deceased is subject to a probate process. The process of probate real estate pays off any debt the deceased may owe on the property while transferring the assets to the beneficiaries.
The probate process is overseen by a probate court which is a state court. The steps involved in the probate process vary from one state to another but some basic procedures are followed by all, including:
- Your representatives swearing in court
- Notifications to all concerned with your death and inheritance
- Counting of your inventory and legacy
- Property being distributed or settlement of property
What a probate real estate actually is?
A probate real estate constitutes; all assets only in the name of the deceased person, as well as all assets that the deceased person shared as a tenant with other tenants of the property; along with the estate if no beneficiary has been designated, any unpaid paychecks on the estate and household items present on the property unless they have a beneficiary nominated for them.
If the deceased person was holding an asset in his/her name for some purpose that in reality belonged to another person; the person who claims ownership on the property needs to provide proof that it actually belongs to them. In case they are able to do so, the property will go to them and will not be held for administration or estate taxes.
Hiring a probate real estate specialist
In order to have a smooth probate process, it is well advised to hire a probate real estate specialist, as hiring a specialist helps in organizing plans regarding the process. This helps in saving time and money, as well as providing you with an expert who has vast knowledge of probate real estate contracts, disclosure requirements and exemptions on the probate.
For personal representatives of the deceased who are involved in probate processes; it would be beneficial to hire a probate real estate specialist to get a fast, smooth and favorable result from the process.