what to say to a probate lawyer real esate invest

How do I find a good probate agent?

It’s never easy to bring up topics related to the death of a loved one in casual conversation, so you’re unlikely to find a good probate agent by word of mouth. Your probate attorney—having worked with various agents on numerous cases—is good option for personal recommendations.

What does a probate attorney need to know about an estate?

There are several items that will help the probate attorney better understand the estate. These include: The original last will and testament (or a copy, if the original has already been filed with the probate court) Copies of any documents from the probate court. Copies of any living trust documents, if there was a living trust.

What questions should I ask a probate lawyer?

Questions should address the lawyer's experience handling the probate of wills, logistics for working on the estate and legal fees. Sample questions include: How long have you been a probate attorney? Do you have experience working with the probate court that will oversee the deceased's estate? What kinds of probate-related services do you offer?

How do I prepare for a meeting with a probate attorney?

If you take the time to prepare for your meeting with a probate attorney, it helps ensure the meeting is useful and productive. Walking into the meeting with the right documents enables the lawyer to get a complete and accurate picture of the estate. This means he can get to work on the matter immediately.

What is probate in real estate?

Keep reading for more information about probate in real estate and how you can navigate it with these 8 things you must know. 1. Probate is a legal process. Probate occurs when a will is reviewed and determined to be valid and authentic.

What does a probate attorney do?

A probate attorney is your ally and will help you file documents with the court, collect money obtained from life insurance, solve issues with income taxes, and more. You’ll then file a petition with the local court office. This petition starts the probate process.

What type of property allows you to bypass probate?

Joint tenancy with the right of survivorship, tenancy by the entirety, and community property with the right of survivorship are the types of joint ownership that allow your property to bypass the probate in real estate process entirely.

What happens if a person dies without a will?

When a person dies without a will, they are said to have died “intestate. ”. An intestate estate will typically go through the formal probate process, but there can be an important difference.

How long does it take to get a will probated?

The number of heirs (as you need to notify all of the heirs before you start the process, it can take quite a bit of time to do this) Any contested issues of a will (you never know what issues may arise) If you’re dealing with a small estate, the probate process can take as little as 6 months.

When does probate happen?

In most cases, probate will only occur when there is not a surviving spouse. This is because all of their assets will typically be held jointly with rights of survivorship between the spouses. When the first spouse dies, the next spouse will obtain all the rights to the property.

When is probate necessary?

Probate may be necessary if a deceased person is listed on the deed. Probate may come into play if a seller discloses that a deceased person is listed on the deed after a purchase agreement is signed. In that case, a probate attorney would need to be consulted to begin the probate process.

What is probate in a will?

Probate is simply the legal process that settles a deceased person’s debts and formally passes their property’s legal title to the intended heirs. That is, of course, if there is a will to properly identify the intended recipients. The parameters of a will typically dictate who the property will go to, but I digress.

What is the greatest benefit of probate real estate?

Therein lies the greatest benefit of probate real estate sales: motivation . More often than not, those that receive property through a will are motivated not to deal with the hassles that have become synonymous with homeownership. Their motivation , therefore, can serve as an opportunity for you to intervene an offer an “alternative solution.”.

What happens if a property goes to probate court?

If, on the other hand, the property makes it to the probate court, you’ll have to change your approach. Instead of dealing directly with the heirs of a property, the probate court will typically market the subject property just like any other. According to Zillow, “The probate attorney or the estate representative will hire a local real estate ...

What happens if a will is approved?

In the event their application is approved, they will be given a grant of probate to confirm the deceased has, in fact, died. What’s more, the grant of probate will make sure the will is authentic and the executor is who they say they are.

What happens when a person passes away without naming heirs?

In the event a homeowner passes away without naming any heirs to receive the home, the state steps in to administer the sale of the home through a special probate court . Probate real estate sales that make it to probate court are a result of the vacuum in ownership that is created when someone passes away. Better yet, homes will be sold ...

Does probate happen overnight?

That said, the grant of probate doesn’t happen overnight.

Is probate a good way to find deals?

And, as it turns out, probate real estate sales are a great way to find deals with encouraging profit margin potential. What’s more, these deals will only make themselves available to those that actually understand the process. If you intend to take advantage of probate home sales, I suggest you educate yourself on the process as a whole.

What do you need to do if you are the executor of an estate?

If you're the executor of an estate, you may want to hire a probate attorney to help you administer the estate. When hiring a probate lawyer, there are several things you can do to prepare for your meeting.

Why do you need to prepare for a probate meeting?

If you take the time to prepare for your meeting with a probate attorney, it helps ensure the meeting is useful and productive. Walking into the meeting with the right documents enables the lawyer to get a complete and accurate picture of the estate. This means he can get to work on the matter immediately. And having a written list of questions ...

What is a copy of a will and testament?

The original last will and testament (or a copy, if the original has already been filed with the probate court) Copies of recent financial statements for the deceased, including bank accounts, investment accounts, retirement accounts and life insurance policies.

What is a copy of deeds?

Copies of deeds to any property owned by the deceased. Copies of any gift tax returns if there were any. Copies of any bills that are owed, including mortgage and loan statements, credit card statements and condo fees. A list of the names and addresses of all beneficiaries.

What is probate in court?

Probate is the court-supervised legal procedure that ensures the proper people are given the rights to and responsibility for the decedent’s financial and physical assets. Many legal aspects of the probate process—such as filing the initial and closing petitions—will be handled by your probate attorney.

How long does probate take?

The average probate process lasts six to nine months, so you want to be sure all three of you work well together.

How long does it take to relist a home before probate?

In many states, you are then required to relist the probate property at the accepted offer price for a period of 30-45 days. A real estate agent with probate experience will know these probate-specific procedures, ...

What happens when a person passes away?

When a person passes away, it’s often left to family members to handle their final business affairs and determine the fate of their belongings. In most states, estates of a certain value that have not been placed into a living trust must go through the probate process. Probate is the court-supervised legal procedure that ensures ...

Does probate give you peace of mind?

However, it may give you peace of mind if your agent has probate-specific training or certification. The U.S. Probate Services offers specialized training in probate to teach agents how to deal with the complexities of probate sales and court confirmation procedures.

Can you reschedule a probate hearing if you don't have a probate

If you don’t have a probate agent, you’ll need to rely on your attorney to check over the probate sale documentation to ensure it will be approved by the courts.

Can you sell real estate during probate?

Selling real estate during probate is a complex process within the already complex probate process as a whole. It’s more than likely that difficulties will arise during the sale, so you need to be sure that your probate agent can clearly communicate these issues with you. 3.

Attention Investors of Probate Real Estate

As an investor, when you evaluate probate homes Kathleen Daniels listed for sale, keep in mind that she has a duty to the seller, who is the personal representative for the estate. Among her duties is to get the highest and best price for the property.

Probate Real Estate Agents Work for the Seller

As the listing agent, Kathleen Daniels works for the seller. She knows from experience that many buyers, including investors, contact her and other listing agents directly believing they may get “a better deal” or have a “competitive advantage” if they work directly with the listing agent. We suspect in some cases that may be true.

Buyers Need Representation

Kathleen firmly believes that all buyers deserve and need their own representation. Working directly with the listing agent does not serve buyers. It does not cost a buyer to have their own agent and representation. Why risk not being fully represented when making such a large investment? It just does not make sense.

Who signs a deed to a property?

If conveying the property to an outside party, the heirs as well as the executor should sign the deed, affirming the legitimacy of the conveyance. State law typically directs the executor to have the deed witnessed, notarized, and recorded with the county in which the property is located.

What information should appear on a deed?

The following information should usually appear on this deed (check state law): A statement that the named executor is conveying the property for the named person who wrote the will; A statement that the deed is executed pursuant to the will; A statement that the will has been probated;

What happens if a person dies planning well?

The Property and the Process. If the person who died planned well, there is a valid, up-to-date will for the probate court to execute. The executor lists the real estate in the inventory of the estate. Depending on the law of the state where the real estate exists: The court will accept a petition to approve the transfer ...

What is an administrator deed?

The Administrator’s Deed conveys ownership of property held by the deceased. After a court-ordered sale of the property, when the court so authorizes: Use the Administrator’s Deed, following the judge’s order.

What happens if a person dies without a will?

If the deceased left no will, the court will grant a petition to declare the estate intestate. Then, state law dictates the applicable order of succession to the property rights. The court will go down the list of relationships in order (spouse, children, parents, etc.), and transfer the property to the heir or heirs as the state directs.

How to transfer a deed to a deceased person?

The recording information on a transfer on death deed identifies the intended beneficiary. Certain states allow transfer on death deeds for real estate. In California, for example, the process is: 1 Complete an Affidavit of Death form to transfer title to the beneficiary. Have a notary witness the signature. 2 Record a certified copy of the death certificate and the affidavit in the property’s county. 3 Submit a preliminary change of ownership report. 4 Follow through with all fees, inheritance taxes, and other taxes.

Does a deceased person have a right of survivorship?

If the deceased person co-owned property, and the living co-owner holds a right of survivorship, probate is not an issue for the real estate. The asset passes to the surviving owner upon presentation of a certified copy of the former owner’s death certificate. In other words, the surviving co-owner absorbs the share of the person who has died.