Clarifying What You Can Do With Your Home in Probate
& What Your Options Are if You'd Like to Sell the Home
The unexpected death of a family member or a loved one is always a tragic event. In an ideal world, all grown adults would have a comprehensive estate plan with a living will (to inform family member/caretakers what medical treatments should or should not be pursued and other such healthcare decisions near the end of a person's life), an assignment of power of attorney, and a last will and testament (to communicate how one's estates and possessions are to be used after their death).
But at least, 40 percent of Americans over the age of 45 do not have a basic estate plan in place. Should the inevitable happen, their families will be left to deal with tax and legal issues that they might find overwhelming, complicated, and emotionally-draining. For those who have been named by a probate court as administrator over their loved one's estate and assets, this situation is all the more tragic. Not only are you not given a chance to mourn for your loss, but you are also left to deal with documents, accounts, lawyers, and other such matters that can take most of your time and energy.
Fortunately, just by knowing the laws of your state and your rights as an administrator can help you prepare and tackle whatever obstacles you might face in this kind of situation. Do take note that probate laws vary from state to state, so it's still important to supplement the information below with your state's laws.
Contact the expert at IBPF if you want to learn more about selling a property in probate.
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