If you are trying to sell your inherited house in Washington, D.C, you may want to keep a few things in mind, that will ultimately help you with any probate property that has become burdensome. 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 the process that occurs after someone passes away to pay off debts and to pass on inheritances to the heirs. While the laws vary from state to state, there are some general things you can expect no matter where the property is located. To become the legal owner of a home after someone passes away, you may be required to go through the probate process. When a will is present, an executor may already be assigned. However, if there isn’t a will, the courts usually will allow for an executor per the families choosing to facilitate the process.
The Process Can Be Time Consuming
If you are responsible as the executor of the estate, you may find yourself dealing with paperwork, phone calls, and court hearings that can take up a good amount of time. When a will is present, things may typically move along faster than if one wasn’t. Having a will puts a plan in place leaving little to be decided by the courts. Some probate cases can be wrapped up in a matter of days, while others can take a couple of months to be completed. Filing a standard, unabbreviated probate can be a way to have things filed, approved and have the property sold in less than 30 days. Capitol Cash Offer has helped countless clients with filing paperwork completely free of charge. Having all documents together ahead of time, such as the death certificate, will make the process go much more smoothly.
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 can be a highly regulated process if you allow it to be. There are many ways to file the paperwork that allow for this timeline to be cut down to a few weeks. Capitol Cash Offer is very well versed in streamlining this process and can guide you from start to finish. Just give us a call if you have any questions. There are 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 just as quickly. This is ideal for those who want to avoid the variability when dealing with the 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 Capitol Cash Offer. Congress Heights, Columbia Heights, Petworth, Burleith, Brentwood, Brookland, Capitol Hill, Eckington, Takoma, Palisades, you won’t have any of the expenses you will likely incur when working with a Washington, D.C real estate agent or dealing with a probate attorney who may have things tied up for months.. For example, you won’t be faced with commissions, repair costs, lawyer fees, 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, D.C house directly, they’ll be able to quickly sell, pay off debts and divide the sale proceeds amongst the heirs.
Before you think about selling your inherited property in Washington, D.C, reach out to Capitol Cash Offer for a consultation.
The Will Needs To Be Proven Valid
The court will need to be informed when anyone passes, to open a probate case. The will needs to be given, along with evidence that shows it’s authentic. A few conditions of a valid will include the intent, the legal age of 18 when signed and the presence of two witnesses to verify the signature and the date it was signed on.
You Will Need To Notify Creditors and Heirs
After your loved one passes away, you will need to notify all creditors and potential heirs that you are opening a probate case. Selling your probate Washington, D.C property can be stressful, but no need to worry we Capitol Cash Offer arrange your deal with simple step’s. In some instances, you may even need to put a notice in the paper. 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, Capitol Cash Offer can help you ensure everything is properly discovered and accurately recorded.
Probate Attorney Refferal
In the event that your situation does require a probate attorney we work with a handful of trusted attorney’s that we would be able to refer you to.
Disclaimer: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Readers of this website should contact an attorney to obtain advice with respect to any particular legal matter.