Losing someone you love is never easy. While dealing with your grief, you suddenly become overwhelmed with the paperwork and legal proceedings accompanying the tragedy.
Here at Ohana Legacy Properties, we’ve created a guide to help you navigate probate to the best of your ability even when dealing with the loss of your loved one.
What is Probate?
Probate is a legal process that recognizes and carries out your deceased loved one’s wishes for how their assets will be distributed after death. All assets will be identified and accounted for during this process before being distributed according to the deceased’s will or state intestacy laws if no will exists. This process is typically handled by an executor of the estate appointed by the court or chosen by the decedent if they had a valid will at the time of death.
To lessen the burden of stressful situations, some families in Houston have decided to hire a probate real estate specialist. A probate real estate specialist can help families go through probate with ease should an unlikely event happen–as well as present them with other options. While it’s not a walk in the park to discuss, it’s best to be prepared and be informed about how probate works to avoid costly delays or mistakes that could result in more time and money being spent.
Here is how a probate real estate specialist can help you and your family through this uneasy process.
Assessing Your Situation
A probate real estate specialist can assess your circumstances and offer an informed opinion about whether probate needs to be filed or not to distribute your family member’s assets according to their wishes or applicable law. This assessment usually requires research into any existing wills, trust documents, property titles, and other relevant documents related to your family member’s estate plan.
Organizing and studying these papers related to your family member may bring back memories you may not wish to delve into. However, a probate real estate specialist can expertly guide you through the difficult process.
Filing Necessary Documents
After assessing your situation, probate real estate specialist can help you file necessary documents (such as petitions for probate) with local courts so that you can begin collecting assets from creditors and distribute them among heirs per applicable law or your family member’s wishes as stated in their will or trust document(s). The probate real estate specialist will do all the paperwork required for filing these documents correctly and ensure that everything is done properly, so that there will be no delays during this important step of the probate process.
Locating Beneficiaries
Probate real estate specialist are also skilled at locating beneficiaries who may be owed money from a deceased person’s estate but cannot be found due to unknown contact information or other issues such as location changes. Through their experience, they know where to look (including public records databases) and how best to locate these individuals so that all beneficiaries receive what they are entitled to from the estate without issue.
Gaining Access To Assets
In some cases, it may be necessary for probate real estate specialists to gain access to bank accounts, investments, real estate properties, etc., which a deceased family member owned before filing for probate because some financial institutions won’t release funds until then, even if someone has power of attorney over those assets.
The probate real estate specialist can take steps such as providing proof of ownership (through death certificates), obtaining letters from banks authorizing access/transfer of funds from accounts belonging to the deceased, acquiring essential documents like insurance policies/loan agreements on real estate holdings owned by them, etc., so that you avoid unnecessary delays when settling an estate.
Settling Estate Taxes
Estate taxes must also be settled before any monies can be distributed among heirs; probate real estate specialists know various tax exemptions available depending on where an individual resides and have experience dealing with accounting firms/IRS officers who manage these matters.
They also understand how certain assets held by estates could affect tax liability when passed on; therefore, they have insight into strategies used by attorneys/accounting firms when it comes time for accurately and quickly settling estate taxes.
Our certified probate real estate specialists are here for you!
At Ohana Legacy Properties, our probate real estate specialists understand how complicated and emotionally challenging it can be to navigate a loved one’s estate in Houston. We know how important it is for you to have the support and understanding of a certified probate real estate specialist throughout this difficult time, so we strive to provide the best service possible. Our certified probate real estate specialists are highly experienced when it comes to navigating probate in Houston, so all options are presented to you fairly.
Alternatively, should you want to avoid probate altogether, our team can provide you with a fair cash offer for the home left behind. We also help our clients declutter the home so they can grieve in peace and move on at their own time. Contact us today to learn more!