Do you have a piece of real estate that you intend your heirs to sell after you pass away? Then, while you are working on estate planning, you do well to meet with a probate realty specialist. Why take this step now? Here a few important ways it benefits both you and future heirs.
1. You Learn The Process
Selling real estate during probate can be a complicated transaction. But few homeowners or landlords understand its intricacies. By familiarizing yourself with things like documentation needs and court approvals, you will be better able to minimize problems through steps you take during estate planning.
2. You Find a Good Agent
The advantage of selecting a real estate agent in advance is that you can choose the person you want and trust. Because probate real estate is not something that's particularly common in the realty world, not all agents can handle it properly.
3. You Speed Up the Sale
The more prepared your property and your estate are when you pass on, the faster they will get through a probate sale. Give things a head start by having the real estate agent lined up, familiar with your property, and skilled at probate work. Then, follow up on this by having consulted with them in the past in order to have the property and documents ready to go. The timeline will move as quickly as possible.
4. You Unburden the Executor
Estate planning is about making the administration of your estate better after you're gone. And so, the more tasks you can take off the plate of the executor, the better this will happen. Select and establish a relationship with a real estate agent so your executor doesn't have to do that extra work. They can then focus on other things, confident in your choice of partner to work with.
5. You Get the Executor Started
Take your executor to meet with the real estate agent as early as possible. They will learn about the process of selling property in probate and may ask any questions they have. This is a good chance to not only educate the executor about what they need to do but also to assuage concerns about serving as the estate executor.
Some of these benefits could make your final estate distribution easier and more timely. No matter whether you want to ensure that the probate sale goes quickly, prepare your executor, or choose your own real estate partners, selecting an agent now could be an easy solution to a variety of future problems. Learn more by meeting with a probate real estate agent in your area, such as Maher Probate Realty.
Share30 June 2021
Once I paid of the mortgage on my house, I decided I wanted to buy an investment property. I had no idea that the buying process would be different, but it really was. There were so many things to consider that I hadn't thought about, and even the loan application process was different. It occurred to me that if I didn't know about it, others likely didn't either. I built this site to help others see what I went through buying my first investment home. I hope that it helps you to approach the process with more confidence and understanding.
