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Steps of the Probate Process

August 22, 2018

probate processMany people believe that the probate process is complicated and grueling, but if done without conflict, it can be easy going from start to finish. With the right professional help, the probate process is relatively simple and can be broken down into three basic steps.

Take inventory

The administrator or executor of the estate (typically assigned in the last will) has to take a complete inventory of the decedent’s assets. These assets also include any credits that are owed to the decedent or their estate, including paychecks, life insurance payouts, loans, etc. However, roughly 55% of adult Americans don’t have a will or an estate plan in place, according to LexisNexis. In this case, the court will appoint an administrator to the estate.

When taking inventory of the assets, everything will be presented to the courts. Bank accounts will be presented as account numbers and final amounts, for example. Opening up a checking account for the estate is a wise decision as well, so as to have the entirety of estate funds available in one place. When it comes time to figure out how to sell an inherited house or a general quick sale of assets, they can be liquidated into this account. From there, any debts can be paid using the estate funds.

Pay debts

Once all assets have been inventoried, it is the administrator’s duty to pay off all debts that the decedent left behind. These debts are not the administrator’s responsibility to pay off themselves should there be nothing in terms of an estate. Generally, the court will allocate capital for such an occurrence. These funds can be paid toward any fees associated with the probate process, any funeral expenses, debts and taxes of the estate, and then any other claims associated with the decedent or estate.

Transfer of property

Finally, all assets and property of the estate will be formally transferred to the beneficiary or heir dictated in the decedent’s last will. If no will exists, assets will be distributed in adherence to state law. It is then that the beneficiary could go about selling an inherited home or liquidating any assets.

If you’ve recently gone through probate and you now have an inherited house that you’d like to liquidate, you can opt for short sale solutions by calling a real estate investor. Call My Dad Buys Houses to sell your inherited home today.