Inheritance property includes all the assets of the decedent. These assets are comprised of properties such as real estate and raw land, personal belongings and financial assets such as checking accounts, individual retirement accounts and personal investment portfolios.
Inheritance property is received when a loved one dies. Inheritance is allocated to specific individuals in the decedent's Last Will and Testament. These individuals are known as beneficiaries or heirs. If the loved one dies intestate (without a Will) the probate courts will appoint a probate administrator to oversee the estate.
When a person dies with an estate value of over $100,000 and does not have a living trust, their assets go into probate. During the probate process real estate must be maintained. Any monthly payments must be made. Property upkeep, utilities and property insurance are not the responsibility of the court. It is the estate administrator's duty to ensure the property is being taken care of until the estate is probated.
An Estate administrator has many duties to the decedent's estate. This person must gather all documentation, find and contact creditors and act as a representative of the estate during court proceedings. It is the estate administrator's duty to inventory inheritance property and maintain real estate properties of the estate.
Real estate inheritance property can be sold during the probate process with approval from the estate administrator; as long as they have full authority. Otherwise, the sale must be authorized by the court. Selling probate properties relieves a large burden from the estate administrator.
Another way heirs can get money from the decedent's estate is to get inheritance cash advances. These advances involve an heir selling their portion of the estate to a third party investor. This investor places a claim as a debtor to the estate of the decedent. All payments come from the estate, rather than the heir having to repay the advance.
The reason heirs sell property or get advances is because the probate process is lengthy. Heirs can wait for six to nine months to receive their inheritance. It could take years if there are disputes over distribution of assets.
We invite you to learn more in our inheritance property article database. Here you will discover information on probate laws, the probate process and estate planning.
If you are entitled to inheritance property and would like more information about selling property, please fill out the probate form. One of our trained probate specialists will contact you within 48 hours to discuss your options.