Inheritence property refers to assets which belonged to a person who dies and gifts those items to heirs and beneficiaries. Property can include personal belongings, real estate, land, businesses, financial investment portfolios, bank accounts, automobiles and recreational vehicles.
Inheritence property is gifted through the decedent's last will and testament. If no Will exists, assets are distributed according to inheritence property probate laws. Probate refers to the legal process used to validate Wills, determine rightful heirs, and matters relating to estate settlement.
Probate is required in all 50 states. Probate laws vary by state and can be confusing to individuals who have never experienced the inheritence probate process. Two types of probate exist - testate and intestate. Testate probate is the term used when decedents have a legal will, while intestate means there is no Will.
Testate probate typically requires less time and money to settle than intestate probate estates. However, inheritence probate process can be suspended for several months or years if heirs contest a probated Will.
On average inheritance probate takes between six and nine months to complete if all heirs are in agreement. Contested probated wills can quickly bankrupt small estates; leaving nothing for beneficiaries.
Inheritence property cannot be distributed until all aspects of probate are completed and submitted through probate court. An estate administrator handles as aspects of estate management. This person is appointed through the decedent's Will or by a probate judge.
When selecting a probate personal representative it is best to discuss this decision with the person before appointing them to the position. Estate administrators have many duties and the person you feel is best qualified may not have the time or ability to handle necessary requirements.
Probate attorneys and estate planners can be appointed to manage decedents' estates. Individuals with real estate holdings, business ownership and financial portfolios find retaining services of professionals can ease the burden of probate estate settlement.
Having a neutral third party handle estate management is more costly, but in some cases can expedite inheritence property probate. This is particularly true when family strife exists. Hiring probate lawyers to administer the estate can deter individuals from contesting the Will. The act of contesting a will can tie inheritance property up in probate for years and incur expensive legal defense fees.
When inheritence real estate is involved, the estate is responsible for paying related expenses. These might include mortgage payments, homeowners insurance or association dues, property taxes, and maintenance.
If the estate does not possess the finances to pay real estate expenses, the inheritence house can be sold. Most states require court authorization to sale real property held in probate. When estate administrators have obtained court confirmation, they can sell inheritance real estate without court approval. If multiple heirs are entitled to inheritence homes they must all agree to the property sale.
Several strategies exist to protect inheritence property. We invite you to learn more about estate planning, inheritence property estate taxes, how to write a will, probate and ways to avoid probate in our inheritence property article library.
As a probate liquidator, I offer cash for inheritence to estate administrators and heirs. If you need to sell inheritence property, fill out the cash for inheritance form and I will contact you to discuss available options.