Probate is the process that takes place after someone has died. During probate, their will is validated and all their assets are transferred. One of the largest assets is likely their home and several options await it.
In most cases, the deceased will have named someone in their will to receive the home. If there are named beneficiaries, it makes the process more straightforward. The executor of the will has the responsibility of petitioning the court before the property can be accessed, changed, or transferred. Once a petition has been made and approved, the executor can fulfill the wishes of the deceased and transfer the home to the beneficiaries. The beneficiaries then have the option to either keep the home or sell it.
Next of Kin
If there is no will or if the will does not name any beneficiaries to inherit the home, it is typically transferred to the next of kin. Typically this will be a spouse, child, or another close family member. This will also take place if there is no living trust, joint tenancy, or transfer-on-death deed. The judge will appoint someone to be the executor of the estate to manage everything and this person will assist in transferring the home to the next of kin. Everything will be transferred based on the state-specific probate laws.
The House Is Sold
If there is no will and no next of kin, the house must be sold. Someone will be appointed the executor and they will oversee the sale of the home. In a formal probate process, they will list the home as a probate sale. Once someone has made an offer on the home, they must attend a hearing along with other potential buyers. Bidding will take place until the court finally settles on a buyer. In an informal probate process, the executor will file all probate paperwork and acquire permission from the court. They then sell the home normally.
If a home needs to be sold during the probate process, it’s ideal to sell quickly. Family members may be eager to move on with the grieving process and the executor may wish to speed up the process. Finding a cash buyer is an excellent way to do this.
Do you want to learn more about cash sales? Click here to review the process used by Matt Buys Indiana Homes!