Probating an estate refers to the process that proves that the will of the deceased person is both legal and valid. While it sounds especially technical, it allows the executor to transfer the assets and property to the beneficiaries, through the established legal process.
Probate real estate refers to the buildings and property that must be accounted for in the transfer of assets. Generally, there are financial implications to any beneficiary upon receiving probate real estate. This can occur through the sale of inherited real estate, receiving inheritance advance loans or resolving any related trust loans. As with any real estate transaction, there are certain procedures and guidelines to follow to make sure everyone is in compliance.
Typically the beneficiary will want to procure the assistance of legal professionals when probating an estate or navigating related issues, since there are layers of legal procedure. The probated will is the legal document, when established through due process with the courts, that can be enforced during the legal process. Historically, the term probate is based on a Latin word to try, to test or to prove. So, in some ways the onus is on the beneficiary to prove that the probate real estate is their asset and that they have the right to it.
When looking for an expert to assist with determining probate real estate issues, you should solicit referrals from friends or colleagues, and frequently, you can find reviews and recommendations online that might lead you to the perfect probate expert. After reading through comments, you will generally find that other clients have highlighted some of the issues and insights that you should keep in mind when search for a probate real estate expert.
In sorting out probate real estate issues, especially relating to sale and pending loans based on the probate real estate, you should maintain a complete record of documentation and related paperwork. This will help to establish ownership claims and related assets and liabilities that affect the probate real estate.
When consulting your probate advisor, make sure you understand all of the future implications relating to your inheritance. For example, a capital gains can have significant tax implications that you will be responsible for. Also, make sure you have determined your service fees that could be incurred from seeking professional assistance. Will they be paid from the real estate proceeds or are they working strictly on a time for fees basis? Probating an estate is never pleasant, but finding appropriate assistance can help you get the possible solution for your situation.