Probate is a court-supervised process of transferring legal title from a person who has died (the “decedent”) to the person’s distributees. Probate is necessary to protect the rights to the probate estate of a decedent’s heirs, devisees, and creditors.
What happens if you don’t file probate?
Many problems can arise if real estate does not go through probate: if real estate remains stuck in the name of a deceased person, and there is a mortgage on the property, the mortgage company could foreclose. If no one pays the real estate taxes, the county may foreclose after three years.
Are you going through the probate process in Kansas City?
I know… it’s kind of a hassle.
So for your own peace of mind, here’s everything you need to know…
Documentation Needs To Be In Order — The first thing you’ll need to have is the will. You’ll also need to provide documentation that proves the will is valid (notarization, for example). If there’s no valid will, the courts will assign an executor to help with the process.
Notify All Creditors and Heirs — Be sure to let everyone know that you’re opening a probate case, especially creditors and possible heirs. You might even want to send paper notices via mail. As for debt and taxes, you’ll need to use the estate to pay them both off.
Take Stock Of The Entire Estate — To get an idea of how much the entire estate is worth (and how much you’ll have after paying off debt and taxes), make sure to consider everything that the deceased person owned. It’s a good idea to hire a probate attorney for this process.
Be Patient — The probate process takes quite a lot of time. Typically, probate will last for 24 months from the date of death. So take a deep breath and prepare for the long-game.
Consider Selling — Believe it or not, you can sell the property during the probate process. If there’s a valid will present and you are the rightful owner, and you’d like to sell, give us a call and we’ll make you a fair cash offer AND help you get out of probate as soon as possible 🙂 (816) 290-7004
About Liberty Road Homes
Thank you for visiting our blog. We’re proud Kansas City residents dedicated to purchasing off-market properties for cash without involving commissions. Unlike some ‘flippers’ or ‘investors’ looking to pay pennies on the dollar, we approach buying your home differently than everyone else…and we do that by LISTENING TO YOU.
We want to know, not just why you are selling, but what your goals are and how selling the house will help you reach them. We want to approach buying your home the same way we would as a friend or a family member. Our goal is to help create a scenario that is a win-win for everyone involved and everyone to end up better off than when they started.
This is what separates Liberty Road Homes from everyone else.
