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3. Check if the estate qualifies for streamlined probate. That’s why many states have adopted an efficient probate system with an abbreviated probate process,” explains Palley. “In a traditional, formal probate process, the timeline is six to seven months or longer. Other states have developed their own laws and regulations to simplify and shorten the probate process, like California’s Independent Administration of Estates Act (IAEA). Everyone’s heard horror stories of probated estates where the process drags on for years-but that doesn’t have to be the case. So far, many states have adopted Uniform Probate Code, which is designed to modernize and streamline the probate process so it’s shorter and easier to get through.
If yours is destined to be a complex probate home sale, it’s probably best if you hire an agent who’s certified to handle probate sales. 6. Sell the house as soon as possible in the probate process. Probate Services, a Certified Probate Real Estate Specialist (CPRES) has specialized knowledge needed to deal with the complicated issues that sometimes arise during a probate sale. Prioritizing during the probate process isn’t easy, but one thing you definitely want to tackle as soon as possible is selling off any assets that are costing the estate money. Trained by the U.S.
“Rather than go through all of these steps of making it a formal process and paying a ton of money in attorney fees and court costs, you may be able to have an abbreviated probate instead, which can be done in a couple of months in some states,” advises Palley. “Generally speaking, you have no legal authority until the court has named you as the personal representative. It’s true that failing to complete every step of the probate process within the required timeline can land you in legal hot water-however, jumping the gun can get you into trouble, too. 4. Don’t hire an agent until the court names you as executor.
“We usually want to deal with the important assets first, which typically is going to be the house,” says Palley. With grief clouding your judgement, you might hang on to too much, or wind up selling treasured, valuable items for a song, simply to get through the process as quickly as possible. “Dealing with the real estate is at the forefront because it’s incurring costs while it sits there. Of course, that’s easier said than done. You can’t sell the house until you empty it first-which requires going through all of the decedent’s personal property, including private and intimate items.
However, don’t let repairs or improvement projects delay the home sale too long. Had they spent money on a contractor, they could’ve more than covered the expense by getting the home sold faster. In this scenario, any extra money gained by making improvements was lost in the costs of maintaining the property for several years. You need to sit down with your probate agent and do the math to figure out if it’s financially smarter to sell as-is, hire a contractor to fix it up, or to spend time and money DIYing the repairs yourself. It isn’t easy to think of the numbers while you’re mourning, however when you’re the executor, it needs to be done. “They were working jobs during the week, and then fixing up the property on the weekends, all while dealing with the grief. “I can think of this one case where it took my clients literally a couple of years to get the house ready for sale,” remarks Palley.
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