Sell Your House During Probate
You want to sell your house for cash and you vaguely know what the term probate means but what does it exactly mean and what happens in probate? Probate comes from the Latin word probatum…meaning “having been proved”. Its purpose is to verify who owns what and who will be in charge after a person passes away.
Can Probate Be Avoided?
You probably already pretty much know what a probate is since you’ve searched this far and found us. Just to make sure we all are clear about the terminology…let’s just go over the probate process real quick.
Probate is a common legal procedure and provides the process for some assets to be formally passed from the person who is deceased to his or her heirs or beneficiaries. So how do we determine if probate is needed? This depends on the type of property and how the property is owned as well as the laws in your state.
Probate is used to describe the procedure by which assets are legally passed on. Probate is basically where a judge gives legal permission for assets to be passed on regardless if there was a will in place or not.
When someone dies and leaves a will, probate is needed to implement the provisions of that will. Probate can also happen when a person dies without a will where that person had property that needs to be distributed under the state’s law of inheritance.
Many people wish they could avoid probate altogether and that is actually possible if the deceased did careful planning of their money and assets in their lifetime. The right pre-planning reduces legal fees and can also possibly avoid estate taxes. Estate taxes can take a big chunk out of a wealthy estate.
One way to avoid probate is by use of a revocable living trust. Assets are placed in the trust and they can used by the creator of the trust during their lifetime. Assets in the trust are passed to the trust beneficiaries upon that person’s death by operation of the trust document alone so probate is not needed.
Another instance where probate is not needed is when a person is named as the beneficiary on a Life insurance policy. They will receive the death benefit without going through the probate process.
Even with a will real estate usually goes through the probate process. Two times when probate is avoided is if the property was owned under joint tenancy or if it is controlled by a trust.
At The Friendly House Buyer, my partners and I understand the probate process and can help you through it. We are proud to offer a quality service and to share our experience with you as you deal with probate issues. We realize that this can be an emotional time for you and that this is more than just a real estate transaction for you. There are often decades of memories attached to a home.
The probate process exists to handle the estate after someone passes away. That someone may be you. The Friendly House Buyer offers a unique and valuable free service that is aimed at easing the feeling of loss of all those memories once the house is sold. Our gift to you can greatly help when there are many beneficiaries since each person can’t possibly keep for themselves all the things they wish they could since others in the family wish to have the same memory items.
When you sell your house to The Friendly House Buyer, you will get a free digital drive containing photos of the possessions that hold memories for you. You can create a book using online tools or save the images on the thumb drive we will give you so that you can share them with other family members who would also love to be reminded of the home your loved one lived in.
Every day there are Denver families who are dealing with the probate process. When you want to sell your house quickly, we hope you will think of us. Please give us a call. We’d love to help every way we can.