Probate is defined as the legal and financial process involved in dealing with assets, property, and money of a person who has died. This means that the next of kin or Executor named in the Will may have to apply for probate before claiming, transferring, selling, or distributing any of the deceased’s assets.
Two types of authority can be assigned to Executors and Administrators in a probate case: Full Authority and Limited Authority.
Full Authority gives Executors and Administers the ability to act on behalf of the Estate with less supervision from the probate court.
Limited Authority has more oversight by the court, along with an additional court hearing to allow for overbids.
The probate process starts when the owner of an estate dies and someone files a petition with the court to open probate. The person will need to include a copy of the certificate of death, the original will, and the petition. When the court reviews all the information, the probate has officially been opened.
The timeline for probate varies from just a few months to well over a year. Sometimes it can linger on for several years. That is an extreme, but it is important to understand that probate can be a longer process in many cases.
There are many factors which determine the length of the probate process, such as the size of the estate and how long it takes to catalog everything. Sometimes it can take time to hunt down all the assets owned by the deceased person. Another factor is the length of time that creditors have to submit a claim against the estate for money owed to them. This time varies by state and can be three months, four months, or longer.
The probate process can be longer if assets need to be sold to pay creditors or for distributing the estate to heirs. Though a car, artwork, or jewelry may only take a few days or weeks to sell, it may take much longer to sell a house, land, or a business. This process can add months to the probate process.
Effectively marketing a property requires many strategies and a campaign, whether the probate is with full or limited authority. We will design a marketing plan that will showcase your property to buyers around the world – and sell the property at its highest value. When listing with Sac Platinum Realty, you receive international and local MLS exposure, custom property websites, multi-platform advertising, and more!
When the property enters escrow, Sac Platinum Realty will make the process smooth and FREE of encumbrances. How is this done? We’ll place buyers through an extensive vetting process. This vetting process will ensure our projected close date to make sure that the Estate’s goals are met efficiently and timely. We review buyer funds, verify loan approvals, and remove buyer contingencies. In the case of Administrators and Executors that are granted limited authority, an additional court date will be required to provide an opportunity for over-bidders. Sac Platinum Realty works diligently to advertise the property and its overbid requirements for the opportunity to generate higher offers.
If you have been named an heir of a loved one who has passed, you may be wondering what comes next. You may have questions about the probate process, probate law, how long it takes, if there is a cost, and what you will need to do. Though it is a complex process, you can get some basic ideas about what to expect and whether you can empty the house before probate, or if you must wait.
Probate can be confusing and complicated. Make sure you understand what is expected of you before you decide to accept the role of administrator or executor of an estate. You’ll have tasks to perform, deadlines to meet, and laws to follow. Though working with a probate attorney can make the job easier, the responsibility is yours in the end. The process is a lot better with a probate specialist. Contact us today for a FREE no-obligation consultation.