The topic of inheritances has a tendency to prompt a lot of questions. After all, reality is nothing like how it looks in the movies. Real life is more complicated and takes a lot more time. It can be hard to know what to expect, which can be stressful when something as meaningful as a house is involved in the probate process.
Probate Explained
If you’ve never heard of probate before, the first question that comes to mind is probably something along the lines of, “What is probate anyway?” Probate is a legal process by which the will of someone who has passed away is authenticated and the executor of the estate is approved. It may sound simple, but it gets a little more complicated if there wasn’t an executor named or if there wasn’t a will to begin with. Still, the process is pretty much the same when it comes to a house.
Covering Debts
The first thing that the estate will be used for is to cover any outstanding debts that the deceased left behind. In some cases, other assets may be enough to cover those debts. In other cases, the house must be liquidated to cover them. Selling a home can take a long time, which can cause the process to stretch out for months. Alternatively, it can be sold to a cash buyer like Joe Homebuyer of Eastern Pennsylvania, which can really help speed things along.
Distributing the Inheritance
What happens from here will depend on how any debts were covered. If the house was sold, the money left over will be distributed as dictated by the will. If the house wasn’t sold to cover debts, it may still be sold at this point and the money divided amongst the beneficiaries. Otherwise, the house itself may be passed on. In short, whatever remains after debts have been addressed will be distributed according to the will.
Having an idea of what to expect from an inheritance process can bring a lot of comfort and peace of mind. It’s a lot easier to deal with things when they make sense, after all. While the resolution of a house in probate can take some time, rest assured that there is a process and that it does prioritize the wishes of the deceased as much as possible. Isn’t that reassuring?
Selling your house to a cash buyer can help you move through probate faster, but how familiar are you with how it works? Click here for answers from Joe Homebuyer of Eastern Pennsylvania to some of the most commonly asked questions.