WHAT IS ​PROBATE?

Are you wondering how to handle

the property of a deceased relative?

You may be initiating the process of probate. When someone dies ​with or without a will, there is a legal process to oversee the ​transfer of ownership. This process is known as probate.

Probate is when the court oversees the transfer of legal title of a

property from the deceased’s estate to their bene ciaries. It can be

a complex, stressful process for families, often requiring legal and

professional guidance.

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Diana Villarreal

Managing Broker ​Xclusive Homes LLC ​www.xclusivehomesrealty.com ​diana@xclusivehomesrealty.com ​Phone: 239-641-9379 , Of ce: 239-228-6242 ​License: BK3182050, FL

If your property is now listed with a REALTOR® or Broker, please disregard this offer, as it is not our intention to solicit the offerings of other REALTORS® or Brokers. The information ​contained herein is deemed reliable but is not guaranteed. Message and data rates may apply.

WHAT IS PROBATE?

01

Probate is when the court oversees the transfer of legal title of a property from ​the deceased’s estate to their bene ciaries (usually relatives).

As part of the probate process, you need to:

Prove the Will is valid to the court.

Appoint a legal representative to act on behalf of the deceased

Identify the deceased’s property and have it appraised

Pay any debts and taxes

Distribute remaining property (or pro ts, if you sell the property) according to

the Will

READ ON TO LEARN ABOUT:

IS PROBATE NECESSARY?

02

COSTS OF PROBATE

03

TIMELINE FOR PROBATE

04

WHO IS IN CHARGE OF THE PROBATE PROCESS?

05

Diana Villarreal

Managing Broker ​Xclusive Homes LLC ​www.xclusivehomesrealty.com ​diana@xclusivehomesrealty.com ​Phone: 239-641-9379 , Of ce: 239-228-6242 ​License: BK3182050, FL

WHAT IS PROBATE?

02

IS PROBATE NECESSARY?

Does all property go through probate when a person dies? ​The simple answer is no. Probate is not always necessary.

When is Probate Necessary?

The heirs of the deceased may decide to open probate for three reasons:

There are debts owed.

There is a need to set a deadline for creditors to  le claims.

There is a property to transfer (note: the probate process facilitates the

distribution of the estate’s property to the heirs).

When is Probate not Necessary?

Some states also have differing requirements when it comes to de ning ​probate estate, which refers to any property subject to the authority of ​the probate court.

Very often, certain assets are de ned as “non-probate estate.” For non-

probate estate assets, probate is not necessary. Different states de ne

probate versus non-probate estates differently.

The necessity of probate often depends on the state the deceased ​resided in.

Diana Villarreal

Managing Broker ​Xclusive Homes LLC ​www.xclusivehomesrealty.com ​diana@xclusivehomesrealty.com ​Phone: 239-641-9379 , Of ce: 239-228-6242 ​License: BK3182050, FL

WHAT IS PROBATE?

03

COSTS OF PROBATE

Probate costs are set by each state’s law, and usually make up for at least 4% to 7% of the ​total estate value. These costs are a sum of the following:

Appraisal costs ​Executor’s fees ​Court  ling fees ​Certi ed copies ​Costs for a “surety bond”

insurance policy

Legal and accounting fees

In addition to these predicted costs, if someone contests the Will, this process ​can incur an additional thousands of dollars in litigation costs.

Costs of probate should be considered by heirs when determining whether ​probate is necessary. These costs are essentially deducted from the  nal total ​distribution amount to the deceased’s heirs. When the option presents itself based ​on the speci c situation and type of estate, the costs of probate can be a reason to ​avoid probate if it is not necessary.

Diana Villarreal

Managing Broker ​Xclusive Homes LLC ​www.xclusivehomesrealty.com ​diana@xclusivehomesrealty.com ​Phone: 239-641-9379 , Of ce: 239-228-6242 ​License: BK3182050, FL

WHAT IS PROBATE?

04

TIMELINE FOR PROBATE

Similar to the costs of probate, the timeline for ​probate is dependent on state law. Many states ​say that probate must be completed within one ​year from the date of appointment, unless a ​federal estate tax is  led. Filing of a federal ​estate tax typically extends the initial timeline.

What can delay the timeline?

Several avoidable and unavoidable circumstances can delay the ​timeline of a typical probate process:

The appointed administrator or executor of the estate is the

cause for delay. In this case, the court can rule to appoint a new

representative to aid in the process completion.

There are unforeseen and unavoidable delays in the probate

process, such as delays in the sale of a property or delays in the

heirs' review of certain documents.

The Will can be contested, as in a claim  led with the court that all

or part of the Will is invalid.

The size or complexity of the estate can take extra time.

Diana Villarreal

Managing Broker ​Xclusive Homes LLC ​www.xclusivehomesrealty.com ​diana@xclusivehomesrealty.com ​Phone: 239-641-9379 , Of ce: 239-228-6242 ​License: BK3182050, FL

WHAT IS PROBATE?

05

WHO IS IN CHARGE OF ​THE PROBATE PROCESS?

In probate, it’s important to have an authorized ​representative or executor of the estate. In ​some cases, the Will de nes this person and in ​other cases, the court appoints the deceased’s ​closest relative as the representative.

If the deceased left no will, an estate

administration process must go through the

probate court. The court may appoint an

administrator to manage the probate process.

The executor does not have to be a  nancial or legal expert in any way. However, the ​executor must assume  duciary duties, which include having reasonable judgment ​and care when making decisions on behalf of the deceased.

Once appointed, the executor or administrator is responsible for:

Managing the estate ​Ensuring the wishes of the deceased are met fairly ​Distributing assets to the remaining bene ciaries ​Following the probate Rules of Court and procedures

Diana Villarreal

Managing Broker ​Xclusive Homes LLC ​www.xclusivehomesrealty.com ​diana@xclusivehomesrealty.com ​Phone: 239-641-9379 , Of ce: 239-228-6242 ​License: BK3182050, FL

Most people don’t know about the probate process until family ​circumstances force them to learn about it. It’s common for the probate ​process to be complicated, especially when left without a will. If you  nd ​yourself unexpectedly involved in probate and considering the sale of a ​property, make sure you hire an experienced local realtor to support you. ​With years of experience guiding clients through the probate process, I can ​guide you and simplify the process from start to  nish. Get in touch today!

Get a FREE Home Value Update at : DianaV.FreeValues4Home.com

Diana Villarreal

Managing Broker ​Xclusive Homes LLC ​www.xclusivehomesrealty.com ​diana@xclusivehomesrealty.com ​Phone: 239-641-9379 , Of ce: 239-228-6242 ​License: BK3182050, FL

If your property is now listed with a REALTOR® or Broker, please disregard this offer, as it is not our intention to solicit the offerings of other REALTORS® or Brokers. The information ​contained herein is deemed reliable but is not guaranteed. Message and data rates may apply.