Probate isn’t something that the average person deals with on a daily basis. That can make it a challenge to deal with if you find yourself facing it. That challenge can easily become stressful when a house is involved, especially if your inheritance is impacted by it. So what should you know about and expect when a house is in probate?
Who’s Responsible
Right from the beginning, the first thing you need to understand about a house in probate is that the executor named in the will is the party responsible for the property until it’s time to distribute the inheritance. They’ll be responsible for maintenance and ongoing care. Any payments that need to be made for the upkeep of the property, as well as taxes, will be managed by them as well. That responsibility ends when the property has been appropriately distributed to the designated beneficiary or beneficiaries.
Resolving Debts and Distributing the Inheritance
One of the responsibilities of the executor is to settle any outstanding debts left behind by the deceased. This must be done before the inheritance can be distributed. Depending on the assets and debts of the deceased, it may be necessary to sell the house in order to pay off the debts. Whatever is left would then be distributed according to the dictates of the will.
What Happens Next
Whether you end up with cash from the sale of the house, or the house itself, you’ll need to decide what to do next. If you’ve become the new owner of a house, that can be exciting or stressful. Not everyone is in a good position to be the owner of an inherited property, and selling it quickly may be the best option. For homeowners who need to sell fast, MS Sell Now offers a quick, simple, easy selling process that can take that property off your hands in no time at all.
The more familiar you become with how probate works and how it can impact a house that is involved in the inheritance, the less stressed you are likely to be by the whole process. In fact, that knowledge can help you come up with a plan for how to move forward when everything has been resolved. Know your options so you know what the best move is to make going forward.
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