If someone was issued a probate, it means that someone in their family has passed away. They have left behind some assets, which most commonly come in the form of real estate. The letter is being issued because the individual that has passed away did not specify what they wanted done with the property in their will. Though it is still possible to receive a letter for probate even if the real estate was specified in the will. The Probate Attorney will cover title lien issues, back taxes, and transfers of the warranty deed and property to the new owner.
Usually, the new owner is both caught off guard and ill-prepared for the probate process. Fortunately, a Probate Attorney covers all the necessary details. There are events that will occur throughout the process, but one should not get worried or overwhelmed by what it means.
Letters Will Come Flying In
Real estate investors sometimes specialize in probate investing. They are led to believe, and sometimes rightfully so, that individuals that inherited a property are willing to sell for a very low price. The probate is reported in the probate public records, so this information is free to the public. Inquisitive investors are more than happy to see who out there is willing to sell, so do not be offended or pressured by these letters, however consistent.
Short Term Releases
The probate process can get burdened with governmental red tape. So it is possible for family members to request short term release payouts. This is an upfront payment made while the probate is undergoing review, and it is usually matched with the valuation of the home (a 10% upfront is traditional).
Probate offers a perfect institutional opportunity for creditors and other bodies to come after money owed to them. be aware of that when moving through probate, for past creditors do sometimes have a right to pursue finances through the probate court.
The probate process is often exclusive for individuals that inherited a property through circumstances, and need to maintain and organize who owns this property and what will be done with it. Visit Yoder Kraus & Jessup P.C. to learn about probate court, and to protect the family in this vulnerable time.