Understanding Real Estate Probate: The Basics

What Is Real Estate Probate?

When a loved one passes away, their property, including real estate, is handled through a legal process known as probate. This process typically takes place in a probate court. It involves identifying and valuing the deceased person's assets, paying off any debts or taxes, and distributing the remaining assets to the beneficiaries named in the will or as per the state laws of inheritance.

The probate process can be complex and time-consuming and may require the assistance of an attorney or other legal professional from The Operative Group. Understanding how it works is crucial when dealing with probate, as it makes the complex processes easy to handle. This article discusses what real estate probate is and what you need to know when dealing with the probate of a loved one's estate. 

The Steps Involved in a Real Estate Probate Process

What is real estate probate, and what does it involve? A real estate probate is the legal process that involves transferring the property's title to someone else or selling it after the death of the real estate owner. 

In most cases, the probate process for real estate is confusing and varies depending on an individual and state. 

Some common steps involved in a real estate probate process include:

1. Appointing the real estate executor: Executors are usually named in the decedent's will; when not, they are appointed by the court.
2. Appraise property to be sold: If the property is to be sold, it might need to be appraised to determine the listing price. The executor does this with the help of real estate agents like The Operative Group, who are experienced in probate sales.
3. Put the property on the market. Once an offer is made on the property, the agent might accept it or negotiate a better price acceptable to both parties.
4. An official notice is mailed to the heirs of the real estate, giving them fifteen days to object to the property sale. If there are no objections, the court then schedules when and where the house will officially be sold.

The Role of the Executor or Personal Representative

An executor serves as the legal personal representative in managing the deceased's real estate per the terms stated in the will. In addition, they perform other responsibilities, such as:

Submit the Will in Court

After a real estate owner's death, the executor has to locate the will to submit it to the probate court. Once the will is submitted to the court, the judge decides whether the will is legal under the law. This ruling is made so that the legal process of opening up the estates that need to be distributed can begin. 

Identifying the Deceased Assets and Paying Liabilities

After the courts validate the will, the executor must identify and account for all assets and liabilities of the deceased and ensure they are distributed according to the instructions set out in the will or state laws of inheritance. After that, the executor uses the real estate funds to maintain insurance policies, make mortgage payments, and manage financial assets. 

Defend the Assets of the Deceased During Legal Proceedings

Conflicts arise when distributing real estate assets among multiple family members, and disagreements should be resolved in court. When such a case arises, the executor has to defend the real estate in court.

Pay the Required Taxes

The executor is also responsible for managing the deceased's taxes. They notify the tax office and establish a tax return policy if the person was earning from the real estate before death. The executor also prepares an income tax return for the final year of the deceased life. 

Potential Challenges and Complications in the Probate Process

The probate real estate process can be challenging. Some of the common challenges that might arise during the procedure include the following:

• An unavailable or unwilling executor: This happens when the executor is reluctant to perform or fulfill the duties of that role.
• Will challenges occur when the heirs challenge the will's validity.
• Estate value disputes can result in delays in the probate process.
• Multiple will copies, which can complicate the probate process when there is no clear copy as to which is the most recent copy

Tips and Advice for Dealing with The Probate of a Loved One's Estate

The role of an executor is challenging, especially during the probate process. However, there are some tips you might apply to make the process of dealing with the probate of a loved one's estate simple. They include:

• Seek professional advice
• Find the will or trust since you might be able to avoid probate if the trust was set up properly
• Locate and protect the assets
• Pay the real estate bills and taxes
• Do not rush the probate process.

Probate Expertise You Can Trust

If you are buying or selling in probate, know that it requires time and patience. The Operative Group is your go-to source for probate expertise. Trust our team to guide you through the complex process with ease. 

Get in touch with our dedicated agents in Eugene to help with your real estate probate process. With our knowledge and experience, you can have peace of mind that your loved one's assets are handled with care.