Understanding the probate process and its impact on real estate

by | 23 June, 2023

The probate process is often an intimidating concept, but with the right knowledge and understanding, it can be navigated relatively smoothly. It’s critical that this be carried out correctly to guarantee that all rights are upheld and to provide peace of mind for the deceased

In today’s blog post, we’ll discuss everything related to the probate process and its impact on real estate transactions in detail so that you can make informed decisions moving forward.

What is Probate and How Does it Work?

Probate is the legal process of transferring ownership of a deceased person’s property to their heirs or beneficiaries. The process involves proving the validity of their will, identifying and valuing their assets, paying off debts and taxes, and distributing any remaining property according to the instructions in their will. If there is no will, the probate court will distribute the property based on state law. The probate process can be time-consuming and expensive, and it can tie up real estate assets for months or even years.

Types of Real Estate Assets That Can Be Affected by Probate

All of a person’s possessions, including real estate holdings, become a part of their estate upon death. Any real estate assets owned solely by the deceased person will typically go through probate. 

If the property is jointly owned, it may pass directly to the co-owner(s) through “joint tenancy” or “tenancy by the entirety,” without going through probate. However, joint tenancy or tenancy by the entirety can have drawbacks, such as exposing the property to the creditors of the co-owner(s).

How Probate Can Impact Real Estate

Real estate assets may be significantly impacted by probate. These assets may become encumbered in court during the probate procedure, preventing the beneficiaries from selling or transferring the property until the procedure is over. Furthermore, probate can be costly due to court costs and attorney fees that reduce the value of the estate. Many people take steps to move their real estate holdings into trusts in order to avoid probate, which enables a quicker and less expensive distribution of assets after death.

Tips for Navigating the Probate Process as it Relates to Real Estate

First, make sure you have a comprehensive estate plan that includes a will and, if appropriate, a trust. This will help ensure that your real estate assets are distributed according to your wishes and avoid probate if possible. If you’re dealing with a loved one’s probate process, work with a probate real estate specialist. They can help you understand your options including how to sell a house in probate or transfer titles, and guide you through the process.

 

Benefits of Hiring a Probate Real Estate Specialist

Hiring a probate real estate specialist can be beneficial when dealing with real estate assets in the probate process. Probate real estate specialists understand the legal and financial complexities of the process and can help you navigate it more effectively. They can also provide valuable insight into local market conditions, which may impact the value of your real estate assets. They can also offer advice on how to handle your real estate properties while going through the probate procedure.

The transfer of real estate assets can be considerably impacted by the probate process. It’s crucial to have a complete awareness of the probate procedure and take the appropriate precautions to protect the value of your real estate in order to guarantee that it is handled correctly and in accordance with your intentions. You may effectively navigate the difficulties of probate and arrive at a beneficial resolution for all parties involved with the correct information and direction.

Our Probate Real Estate Specialists Are Here for You

If you’re searching for probate real estate specialists in Houston, choose Ohana Legacy Properties. Our certified professionals are equipped to manage inherited properties and estate sales and have a thorough understanding of local probate laws. We will also ensure that everyone involved in the transaction receives accurate and current tax information for fair results.

Contact us today to learn how our experts can assist you in rapidly selling your probate property, allowing you to concentrate on being there for your family during this difficult time.