Probate and Your Inherited Property

Losing a loved one can feel like a punch to the gut and a sweeping of the mind, all at the same time. It is easy to go about life in a total fog as you try to process the devastation of what has just hit you. You need time to process, mourn, and heal. Unfortunately, however, life only gets crazier with the passing of a loved one, and time stops for no one. In no way is this showcased more than in the probate process.

Probate is the process by which a deceased person’s estate is legally managed. If there is no executor appointed, the court will appoint someone as the administrator of the estate. This person is in charge of collecting all of the required documents pertaining to the estate, including debts and assets. They are also charged with paying off the debts from the estate and distributing any remaining assets to the beneficiaries. When there is a home involved, things can become even more complicated.

One of the most important rules of probate is that any properties included in the estate must be managed in such a way that no value is lost on them before they are distributed. This greatly increases the work involved for the executor or administrator. This person must continue regular maintenance on the home, such as lawn mowing, weed pulling, snow removal, gutter cleaning, and more. It is also their responsibility to do everything in their power to ensure that the home is neither damaged, vandalized, or burglarized. 

Because of the difficulty of maintaining a home during probate, especially if the property isn’t local, many people choose to sell the property as quickly as possible. This is permissible as long as each of the beneficiaries agrees. You can make the process even easier by selling the property for cash to a home buying company. When you take this route, you don’t have to worry about fixing up the property, cleaning it, or even emptying it out to get it ready to sell. 

When you are in mourning the last thing you want to deal with is a major hassle. And yet, that is exactly what is generally entailed as you manage your loved one’s estate. One of the best ways to simplify the process is to sell any real estate, as-is, to a home buying company.

Do you have an inherited property that you don’t know what to do with? BuyBHM is here to help! Click here to learn more!