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2 result(s) displayed (1 - 2):

February 19, 2010

Probate Properties

Probate properties refer to real estate owned by a person who is deceased. Probate refers to the legal process used to verify property ownership and determine rightful heirs. If probate real estate is bequeathed through the decedent's last will, real estate transfer documents must be filed through the court. If no Will exists, the court must adhere to probate laws to determine who is entitled to inherit the property.

Probate properties can be held in probate for several months. All expenses associated with the property must be paid by the estate until probate settles. Costs might include mortgage payments, property taxes, homeowners insurance, homeowner association dues, and maintenance expenses such as lawn care or repairs.

Real Estate Investing article on "Probate Properties "

June 11, 2009

Probate Wills

Probate wills are legal documents which detail information about a decedent's estate. A Will includes the name and contact information for the person who will be responsible for handling the estate, a list of assets owned by the decedent, and the individuals who will receive those assets.

Also known as the Last Will and Testament, probate wills are submitted to the local courthouse in the decedent's place of residence. Every Will must be validated to ensure it abides by probate laws and is legally-binding. Certain steps must be followed before distribution of assets can occur.

Real Estate Investing article on "Probate Wills"