When a loved one passes, the family has to disperse whatever assets the person left behind. If a will is in place, it makes it easier to decide how to divide property. If there are stocks, bonds, and numerous personal and real property assets, your loved one probably already had a lawyer who drew up a will and any other relevant paperwork. If this person is an experienced probate attorney, contacting her as soon as possible after the death of the family member is important.
No matter how organized the estate is, your lawyer will need pertinent paperwork before petitioning the court. You can look for deeds, titles, and the will in the individual's office or home safe. There may be a safety deposit box located in the vault of a local bank. If there is no will on record, the person is said to have died intestate. This makes the probate process more complicated. If the person died testate, an administrator is probably indicated in a recorded will.
Before you can begin the process, you must have the will and the death certificate. Inventorying the assets in advance will speed up the process. If you are working with a new lawyer, the initial consultation may be gratis. The more information and paperwork you can provide, the better off you will be.
Included in the paperwork you need to find are any deeds, titles, and financial papers. The deeds will be for the real estate, and the titles will be for personal property such as cars, boats, and recreational vehicles. All of this paperwork should have been recorded, so if you fail to find originals, your lawyer can research the items and get copies from the courthouse.
Once your lawyer determines that your paperwork is in order, you can petition for probate. The petition is normally filed in the county where the loved lived. The process takes at least a month and sometimes longer. This process ensures all creditors have been notified of the death, admits the will, and officially appoints the administrator. When everything is approved, the executor can begin the process of dispersing assets.
Anything the deceased has bequeathed to family members, friends, or charities must be removed from the personal items to be liquidated. It is a good idea to ask family and friends if there are any other special mementos they would like before selling as well. The court does not have to approve an estate sale. Some contact auction houses to catalog and sell items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
The death of a loved one is a difficult time for family and friends. Having an impartial third party involved in this process can make liquidating assets much easier. This individual can help make certain the wishes of the loved one are carried out.
No matter how organized the estate is, your lawyer will need pertinent paperwork before petitioning the court. You can look for deeds, titles, and the will in the individual's office or home safe. There may be a safety deposit box located in the vault of a local bank. If there is no will on record, the person is said to have died intestate. This makes the probate process more complicated. If the person died testate, an administrator is probably indicated in a recorded will.
Before you can begin the process, you must have the will and the death certificate. Inventorying the assets in advance will speed up the process. If you are working with a new lawyer, the initial consultation may be gratis. The more information and paperwork you can provide, the better off you will be.
Included in the paperwork you need to find are any deeds, titles, and financial papers. The deeds will be for the real estate, and the titles will be for personal property such as cars, boats, and recreational vehicles. All of this paperwork should have been recorded, so if you fail to find originals, your lawyer can research the items and get copies from the courthouse.
Once your lawyer determines that your paperwork is in order, you can petition for probate. The petition is normally filed in the county where the loved lived. The process takes at least a month and sometimes longer. This process ensures all creditors have been notified of the death, admits the will, and officially appoints the administrator. When everything is approved, the executor can begin the process of dispersing assets.
Anything the deceased has bequeathed to family members, friends, or charities must be removed from the personal items to be liquidated. It is a good idea to ask family and friends if there are any other special mementos they would like before selling as well. The court does not have to approve an estate sale. Some contact auction houses to catalog and sell items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
The death of a loved one is a difficult time for family and friends. Having an impartial third party involved in this process can make liquidating assets much easier. This individual can help make certain the wishes of the loved one are carried out.
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