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Four Circumstances that Affect Selling an Inherited Home During the Probate Process
Going through probate court in Georgia is often a time-consuming and messy process. As the executor, trustee, or administrator, your main goal is to work through the allocation of assets as quickly as possible, though that may not always be an easy task.
Delays, paperwork hassles, tension among heirs,and expenses are all complications that eat up your time when going through probate court. Some parts of the probate process are lengthy, touchy, and stressful, but selling your inherited house in the Atlanta area doesn’t have to be. With Arbor View, we offer cash fast so you can move on to more important things like commemorating your loved one, spending time with your family, and returning to your daily life.
If you are wondering if you have to go through probate court to inherit a house or any other assets after a death in the family, the answer is likely yes, though there are some exceptions. Whether or not the deceased left a will or placed their assets in a trust will affect the probate process and determine which of these three circumstances you will go through.
After a relative dies, the process of allocating assets is sometimes made simple for you when, before their death, the deceased relative names beneficiaries to accounts and establishes clearly-defined trusts. Real estate in Atlanta, Georgia is an example of an asset that can be placed in a living trust.
For instance, when your mother or father enters into a later stage of their life, they may put their house in a living trust and appoint you as the trustee, and name you or a sibling as the beneficiary to their accounts. In these cases, the recipients of the assets are legally established before death, and therefore you won’t have to go through probate court to prove ownership because you are listed as a beneficiary or trustee.
If you are a joint owner of a property in Atlanta, and your spouse, or the person you shared ownership of the este with dies, you will automatically become the sole owner of the property. This is called “joint tenants with rights to survivorship”. You do not have to prove ownership in probate court because, as a joint owner, you already have full ownership once the other joint owner passes away. Basically what happens is instead of 50% ownership you now have 100% ownership upon the other party’s passing. This differs from another method of ownership called “tenants in common.” With Tenants in Common you would still only retain 50% ownership and the estate of the deceased would have 50% ownership.
Luckily, with a will, the delegation of assets is spelled out clearly, and the process of going through probate court goes fairly smoothly. An executor is appointed in a will and is obligated to ensure that the last wishes of the deceased are fully carried out as outlined in the will.
Nonetheless, with a will in place, the probate process can take anywhere from five weeks to six months, and delays and expenses are often unavoidable. As an inheritor listed in the will, you may end up with an inherited home that you can’t or don’t want to keep. If you don’t plan on keeping the home and want to save the time and hassle of selling through a realtor, selling your inherited house to to a cash buyer like Arbor View may be a good choice for you. We will expedite the home-selling step in the probate process so that you and any other inheritors can quickly receive the share of the sale that was allotted to you through the wishes of the will.
Sometimes estates are left by the deceased with no will in place. This is called intestacy or intestate, and in these cases, the allocation of assets can get tricky because it is not clear who inherits the property of the deceased. Probate often becomes a lengthy and drawn out hassle with an intestate estate, especially when there are multiple heirs. With no will, the probate court will appoint an administrator to the estate to help form a will after death, though all heirs to the estate are required to agree on the allocation of assets.
When deciding how to allocate assets in court, tension may rise among family members and many steps in the process can become stressful. When an inherited house is involved, it’s often better to simply sell the house fast and divide the proceeds rather than attempt to get a handful of siblings and relatives to agree on who inherits the property.
We have experienced instances where all but one family member agrees to a sale price of the property. The one family member believes the property is worth a lot more than true market value. The family tries to list the property at that higher price and what ends up happening is the property sits on the market for a long time at that unrealistic price or never sells at all. Leaving expenses piling up on the property such as maintenance, repairs, lawn care, taxes, insurance, or even mortgage payments.
We have purchased countless homes from estates so we’re experienced in the process. We know what curve balls the probate process can throw into the mix. Regardless of your circumstance or the decision your family makes when dealing with an inherited house, Arbor View Properties can help make the home-selling step of the probate process painless and simple. To learn more about how we can help, contact Arbor View Properties today at 770-810-5715, or by visiting our website and filling out the form.
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