July 1, 2017

What is a Probate Property?

Probate is a legal process that takes places after someone dies. Without a Will or Estate Plan, property can often fall into probate. The process includes:
• proving in court that a deceased person’s will is valid (usually a routine matter)
• identifying and inventorying the deceased person’s property
• having the property appraised
• paying debts and taxes, and
• distributing the remaining property as the will (or state law, if there’s no will) directs.

Typically, probate involves paperwork and court appearances by lawyers. The lawyers and court fees are paid from estate property, which would otherwise go to the people who inherit the deceased person’s property.

So what happens when your family home ends up in court? The process of selling real estate through probate or trust is court-regulated. The seller must manage a series of carefully monitored steps, deadlines are unforgiving, documentation is specialized and sellers must adhere to the court’s strict oversight procedures. This includes submitting all the details of the sale including marketing, offers, negotiations and sale of the property.

That’s why working with a Senior Real Estate Specialist (a realtor with the SRES® designation) is so critical. SRES are specifically trained to handle all aspect of a property in probate, making the process as simple as possible. A Senior Real Estate Specialist will work with your attorney and the court to make sure all the steps are followed correctly.

Rick Wandrych has both the SRES designation, as well as the CPRES designation — Certified Probate Real Estate Specialist. In addition, he has years of experience helping families through all kinds of life transitions with compassion and caring.

Senior Real Estate