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.