Probate is the process where a will is proved legally. Hopefully, the person who died left a will. This simplifies the probate process and allows for the will to be settled much quicker. If the person who died did not leave a will, the probate process can take months or even years to settle. In each scenario, properties of the deceased can be sold during probate by the executor or after probate by those who inherit the property. But what types of property are available in probate?
US Probate Leads offers the best residential property leads in the country. We have access to almost all of the counties in the US in order to provide you with the best property leads. These leads are motivated sellers who just want to sell their inherited property fast. Below, we’ll go over the types of properties that enter probate. Contact us today!
TYPES OF PROPERTIES THAT ENTER PROBATE
All homes that are just in the deceased person’s name will have to enter probate. If there is a joint owner on the property deed, then that person automatically inherits the property after the deceased dies, eliminating the need for the residential property to enter probate. When you purchase real estate leads from US Probate Leads, you can rest assured all of the residential properties listed are in probate.
All commercial property that is just in the deceased person’s name will have to enter probate. Just like in residential, if there is a joint owner or if the commercial property is owned by a corporation or other entity, the property will not enter probate.
All Other Assets
All other assets in the deceased person’s name only will pass through probate as well. Those assets that can avoid probate are those with beneficiary designations, such as bank accounts and IRAs, or those assets owned jointly. This is why it’s imperative to have a last will and testament so that your wishes can be known to your family.
CHOOSE US PROBATE LEADS TODAY
Many people don’t understand probate and how it works, not because they don’t want to or because it’s complicated. Instead, people avoid learning about probate because it’s a process that happens after you’ve died and no one wants to think of their death. Or, some people just don’t care what happens to their belongings after they die, so they choose to not have a will.
Whatever the case may be, probate properties are properties that are in probate from someone’s death. Probate is the legal process that allows the property to be transferred to eros. However, sometimes probate can take a long time, but the property can be sold by the Executor of the will with court approval. The big benefit to the beneficiaries of the estate is that the proceeds can then be used to settle any claims on the estate and then the balance distributed to beneficiaries.
US Probate Leads offer the best real estate leads for sale, including historical probate leads. Contact us today to get started!