Understanding the Legal and Financial Implications of Selling a Home During Probate

A Must-Know Guide for Homeowners.

When a person dies with a valid will and they own real estate, the probate process begins by filing the will with the probate court. The court will then appoint an executor, who is responsible for overseeing the administration of the estate. The executor must locate and inventory the deceased person's real estate assets, pay any debts and taxes associated with the property, and distribute the remaining assets to the beneficiaries as specified in the will.

If a person dies without a will and they own real estate, the probate process begins by filing a petition with the probate court to open an intestate estate. The court will then appoint an administrator, who is responsible for overseeing the administration of the estate. The administrator must locate and inventory the deceased person's real estate assets, pay any debts and taxes associated with the property, and distribute the remaining assets to the legal heirs according to state laws.

It's important to note that the probate process can be time-consuming and costly, and it may also include the sale of the property to pay off debts and taxes. However, it's crucial to remember that there are options available and it's important to take action as soon as possible to avoid penalties and potential legal issues.

To help you know what questions you should ask and how to arrive at the right answer for your specific situation, a FREE special report has been prepared by industry experts entitled "Understanding the Legal and Financial Implications of Selling a Home During Probate".

Order this report NOW to find out how to make this part of your current situation less stressful.