If you’ve recently inherited a property due to the passing of a loved one, you might feel overwhelmed by the process, especially if you’ve never dealt with probate before. The word “probate” might be coming up frequently, and it’s normal to feel confused.
But don’t worry! We’re here to guide you through the process, and we’ll break it down in a way that’s easy to understand—think of it as advice from a trusted neighbor.
Note: While we’re not attorneys, we work closely with experienced probate attorneys to help homeowners like you navigate the probate process and transfer property with ease.
Why Probate?
Probate is essentially the court’s way of officially verifying and approving all actions related to a deceased person’s estate—this includes managing debts, paying taxes, and distributing assets.
Even if there’s a will, probate is necessary to validate the will and ensure everything is handled according to the law.
While probate may seem like a hassle, its purpose is to ensure fairness. It makes sure all debts are paid, and everything is distributed properly to the right beneficiaries.
Probate Must Be Done—Even with a Will
The key takeaway here is that probate must be done in order to transfer ownership of the property from the deceased owner to the heir(s). The property cannot be legally transferred without going through probate, even if a will is in place.
Some Quick Probate Terms You Should Know
- Administrator: A person appointed by the court to manage and distribute the estate if the decedent didn’t have a will or named an executor.
- Beneficiary: An individual or entity named in a will or trust to receive assets from the estate.
- Decedent: The person who has passed away, leaving behind assets to be settled through probate.
- Estate Inventory: A list of the decedent’s property and assets.
- Executor/Executrix: The person named in the will to manage the estate. If the executor is a woman, she may be referred to as the executrix.
- Heirs: People legally entitled to inherit from the decedent.
- Personal Representative: A court-appointed person responsible for handling the estate—this could be you!
- Will: A legal document stating how the decedent’s property should be distributed after death.
How Long Does Probate Take?
Typically, probate takes about 4-6 months. However, the process can take longer—sometimes even up to a year—depending on the estate’s complexity, creditor claims, and any challenges to the will or the appointment of the personal representative.
How Much Does Probate Cost?
The cost of probate can range between $4,000 and $7,500. These costs can add up, especially if the estate is complicated, and involve several different fees.
The Costs of Probate
Here’s a breakdown of what these costs typically include:
- Court Fees: Since probate is a legal process, there are court fees to cover administrative costs.
- Attorney Fees: Probate is a complicated process, so many people hire attorneys to help with the paperwork and legalities. The more complex the estate, the higher these fees can be.
- Executor/Personal Representative Compensation: The person handling the estate may be entitled to compensation for their time and efforts. This compensation is often a percentage of the estate’s value or a flat fee.
- Appraisal and Business Valuation Fees: In some cases, especially with real estate or businesses, professional appraisals are needed to establish the value of assets.
- Miscellaneous Costs: Other costs may include publishing legal notices, securing and insuring property, and settling any disputes that arise.
- Tax Payments: Depending on the estate, there may be state or federal taxes that need to be paid.
Do You Need a Lawyer for Probate?
While you don’t have to have a lawyer to go through probate, having one can simplify the process. An attorney can help you navigate legal complexities, especially if there’s a dispute or the estate is particularly complicated.
What Happens If I Don’t Probate?
There’s some (bad) advice online suggesting that you don’t need to go through probate—but that’s simply not true.
All properties with a single individual owner (no trust or LLC/Corp, no “transfer on death” deed) must go through probate, even if there’s a will.
If there’s debt tied to the property or other obligations, and probate is skipped, heirs and beneficiaries could be legally pursued by creditors or face legal complications.
What Should You Do While Waiting for Probate?
While waiting for the probate process to move forward, here are some things you can do to stay on top of things:
- Check on the Property: Visit the property regularly to make sure everything is in good shape.
- Open windows for fresh air to prevent mildew.
- Check for plumbing issues or leaks.
- Run the HVAC system to keep everything working.
- Look for signs of pests (rodents or insects).
- Organize Your Documents: Keep all necessary papers handy, including:
- Death certificates
- The will
- Property deeds
- Loan information
- Pay Bills (If You Can): Try to stay on top of any bills to avoid late fees.
- Find an Attorney: If you haven’t already, we can help you find a probate attorney to guide you through the process.
- Consider Selling or Renting: If you’re unsure about what to do with the inherited property, start looking into your options.
- Need cash quickly? We can provide a fair, cash offer for your property this week! Call us at (414) 488-6776 for more information.
- Keep the Property Maintained: It’s important to maintain the property to prevent any further loss of value:
- Mow the lawn.
- Water the lawn.
- Collect mail and manage utilities.
- If maintaining the property sounds overwhelming, we look past these things and offer you a fair price to buy it as-is.
How to Probate with No Out-of-Pocket Costs
If you’re worried about the costs of probate, one option to consider is selling the property. Here’s how it works:
- Probate must be completed before the property can be transferred, and the costs need to be covered.
- If there’s enough equity in the property, you can sell it to cover the probate costs without having to pay anything out of pocket upfront. The courts and attorneys will proceed with probate, and their fees will be paid from the proceeds of the sale.
This can be a great solution if you don’t have the cash on hand to cover probate fees.
For more information on how to sell your property through probate with no out-of-pocket costs, check out our article on How to Bypass Probate.
Conclusion
Navigating the probate process can be daunting, but you don’t have to do it alone. Whether you want to sell the property or find out how to manage probate without upfront costs, we can help. If you’re ready to explore your options or need guidance, call us today at (414) 488-6776 for a fair cash offer, or ask about your probate options.
We’re here to make this process as smooth as possible for you.