5 Things To Be Aware Of When Dealing With A Washington DC, PG County, Montgomery County Probate Property

Probate Sales in Northern Virginia | LIST WITH ELIZABETH®

Dealing with probate can be a daunting and time-consuming task, especially after dealing with the loss of a loved one. In this post, we offer five things you should be aware of when dealing with a house in probate.

What Is Probate?

Probate is a legal process that takes place after someone’s death. It usually involves proving that the deceased’s will is valid, identifying the deceased person’s property and having it appraised, paying outstanding debts and taxes, and distributing the property per the will or state law. The Probate division also handles the estates of incapacitated adults, estates of minors, trusts, and wills.  While the laws vary from state to state, there are some general things you can expect no matter where the property is located.

The Will Needs To Be Proven Valid

When someone passes away, the court will need to be notified to open a probate case. The will must be provided, along with documentation proving that it is valid. A few requirements of a valid will include the intent, the legal age of 18 when signed, and that two witnesses were present to observe the signature and the date in which it was signed. The will needs to be created voluntarily, by someone who is of sound mind to do so in order to be considered legal with the courts.

You Will Need To Notify Creditors and Heirs

Most people don’t need to worry that after their death, creditors will line up to collect large debts from the estate if their property doesn’t go through probate. In most situations, the surviving relatives simply pay the valid debts, such as monthly bills, taxes, and medical and funeral expenses.

Yet avoiding probate doesn’t let you off the hook from legal obligations to your creditors — such as a credit card company. If you don’t leave enough to pay your debts and taxes, any assets that passed outside of probate may be subject to the claims of creditors after your death. You will need to use the estate to pay off all valid debts such as credit cards and personal loans. And don’t forget about Uncle Sam. When handling probate, you’ll need to file tax returns for the deceased and address any inheritance taxes that are due.

You’ll Need To Take Inventory Of The Entire Estate

In addition to real estate, the courts will need to know about other investments such as stocks, bonds, cards, deeds, bank accounts, or any other high-value items. These items will be taken into account when paying off debts from entitled creditors as well as when assets are distributed between beneficiaries. For this part of the process, it is a good idea to work with a probate attorney to ensure everything is properly discovered and accurately recorded.

The Process Can Be Time Consuming

The probate process begins when the executor presents the will for probate at a probate court where the decedent lived or owned property. The court will first collect all of the decedent’s property. Then, the estate will pay any debts, claims, and taxes that are outstanding. After necessary papers are filed and approved, any remaining property will be distributed to the appropriate heirs.

The length of time for probate depends on several factors, such as the size of the estate, the number of taxes and debts to pay, tax issues, the number of heirs, and any contested issues of a will. A typical probate process will take up to 24 months from the date of the decedent’s death. However, in cases of contested issues or lawsuits, the process may take up to several years, or even decades, to settle the issues and conclude probate.

You Can Sell The Property While In Probate

A quick and easy solution for a house in probate is to simply sell it. If the estate is intestate, meaning no will is present, the house will need to be sold through the probate courts, which is a highly regulated process. There are court fees and specific processes that must be followed. These processes vary from state to state.

However, if an estate is testate, meaning there is a will present, the executor will be able to petition the courts to sell the property on their own. This is ideal for those who want to avoid court costs while retaining more control of the process. For those who want to save even more money, quickly selling your inherited property to a professional buyer who is familiar with the probate process may be the best way to go. When you work with Super Savvy Home Buyers LLC, you won’t have any of the expenses you will likely incur when working with a Washington DC, PG County, Montgomery County real estate agent. For example, you won’t be faced with commissions, repair costs, or marketing expenses.

In some cases, heirs can be surprised by property left to them in a will. They may not want to keep it or be financially prepared to do so. When the latter is the case, spending money on repairs, upgrades, and other listing costs will likely be out of the question. By selling their inherited Washington DC, PG County, Montgomery County house directly, they’ll be able to quickly sell, pay off debts and divide the sale proceeds amongst the heirs as laid out by the court.

Before you think about selling your inherited property in Washington DC, PG County, Montgomery County, make sure you have the authority to do so. https://www.dccourts.gov/superior-court/probate-division

Let us help you with your Washington DC, PG County, Montgomery County probate property! Reach out to us today for more information! 1-800-777-4773

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

What Do You Have To Lose? Get Started Now...

We buy houses in ANY CONDITION in Washington DC and Maryland. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call 1-800-777-4773...
  • This field is for validation purposes and should be left unchanged.