Dealing with the probate process can be a daunting, emotional, and time-consuming task, especially after dealing with the loss of a loved one. In this post, we offer a list of things you should be aware of when dealing with a house in probate.
What Is Probate?
Probate, also known as estate administration, is the process by which a loved ones assets pass to heirs at their death. This legal process can drain loved ones’ time, energy and money, all while they are still in mourning. While the laws vary from state to state, there are some general things you can expect no matter where the property is located. To become the legal owner of a home after someone passes away, you may be required to go through the probate process. When a will is present, an executor will already be assigned. However, if there isn’t a will, the courts will assign an executor, (executor (male) or executrix (female), to facilitate the probate process.
What Is The Probate Process Like In Louisville, KY?
Every estate is different, so the probate process could vary depending on your unique circumstances, and situation. However; there are a few standard steps during estate administration in Kentucky. It’s not a full list, but it’s a great place to start:
- Probate begins when a person completes a petition for probate and files it with the probate court. (we recommend good attorneys to do this below)
- When you go to the probate court, they will appoint a personal representative who will speak for the estate, gather all financial assets, pay all bills and eventually distribute the remaining assets to the beneficiaries named in the will. An executor (male) or executrix (female).
- Creditors have six months to file claims with the estate. Once these are paid, the court can distribute assets.
- The personal representative will need to file a final settlement with the district court.
- We have a great attorney contact below that you can reach out to help with all of these things, so you don’t have to do this yourself. Even if you choose not to work with us on the sale of your property, they are very trustworthy.
The Will Needs To Be Proven Valid
When someone passes away, the court will need to be notified to open a probate case. The will must be provided, along with documentation proving that it is valid. A few requirements of a valid will include the intent, the legal age of 18 when signed, and that two witnesses were present to observe the signature and the date in which it was signed. The will needs to be created voluntarily, by someone who is of sound mind to do so in order to be considered legal with the courts.
When Is Estate Probate Needed?
Some estates and certain assets do not require probate. We have included a list below.
- Payable on death accounts
- Transfer on death accounts
- IRAs
- Property held in a joint tenancy
- Assets titled to a trust
We know that this process can be overwhelming. Our goal is to help as much as possible ease the stress of dealing with this difficult situation. Please don’t hesitate to reach out to us and we can help guide you in the right direction, even if we aren’t the best fit for the property.
You Will Need To Notify Creditors and Heirs
After your loved one passes away, you will need to notify all creditors and potential heirs that you are opening a probate case. Even though it’s rare, you may even need to put a notice in the local paper. You will need to use the estate to pay off all valid debts such as credit cards and personal loans. When handling probate, you’ll need to file tax returns for the deceased and address any inheritance taxes that are due. A great attorney can help you through every step.
You’ll Need To Take Inventory Of The Entire Estate
In addition to real estate, the courts will need to know about other investments such as stocks, bonds, cards, deeds, bank accounts, or any other high-value items. These items will be taken into account when paying off debts from entitled creditors as well as when assets are distributed between beneficiaries. For this part of the process, it is a good idea to work with a probate attorney to ensure everything is properly discovered and accurately recorded.
The Probate Process Can Be Time Consuming
If you are responsible as the executor of the estate, you may find yourself dealing with paperwork, phone calls, and court hearings that can take up a good amount of time. When a will is present, things will typically move along faster than if one wasn’t. Having a will puts a plan in place leaving little to be decided by the courts. Some probate cases can be wrapped up in a matter of months, while others can take a couple of years to be completed. Having everything together ahead of time will make the process go much more smoothly.
Can I Sell The Property While In Probate? Yes!
A quick and easy solution for a house in probate is to simply sell it. If the estate is intestate, meaning no will is present, the house will need to be sold through the probate courts, which is a highly regulated process. There are court fees and specific processes that must be followed. These processes vary from state to state.
However, if an estate is testate, meaning there is a will present, the executor will be able to petition the courts to sell the property on their own. This is ideal for those who want to avoid court costs while retaining more control of the process. For those who want to save even more money, quickly selling your inherited property to a professional buyer who is familiar with the probate process may be the best way to go. When you work with Simply Sold, you won’t have any of the expenses you will likely incur when working with a Louisville real estate agent. For example, you won’t be faced with commissions, repair costs, or marketing expenses.
In some cases, heirs can be surprised by property left to them in a will. They may not want to keep it or be financially prepared to do so. When the latter is the case, spending money on repairs, upgrades, and other listing costs will likely be out of the question. By selling their inherited Louisville house directly, they’ll be able to quickly sell, pay off debts and divide the sale proceeds amongst the heirs as laid out by the court.
Before you think about selling your inherited property in Louisville, make sure you have the authority to do so.
Choosing Probate Attorneys In Louisville, KY.
Choosing a probate attorney can be a challenge if you don’t know where to start or who to call. Below is the name of a fantastic attorney, who has years of experience in probate.
Even if you don’t work with us to purchase your property, you will be in great hands with them.
Attorneys at Law
920 Dupont Road
Louisville, KY 40207
phone: 502.894.9200