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What Is Probate Real Estate?

When a person passes away, their assets are distributed to their heirs. In the event that there is no will, then the assets are distributed according to the state’s laws of inheritance. The probate process can take up to two years and costs about $1,000. However, if the deceased had made a will, then the probate process can be cut down to a matter of months.

There are several reasons why someone would need to have their assets probated. If the deceased was married, they may have left their assets to their spouse in the event that they died first. If the deceased was unmarried, they may have left their property to their children or other relatives.

If the deceased was a minor when he/she died, then his/her property is held by the state until he/she reaches the age of majority. This is because minors are considered incapable of making legal decisions.

Probate Real Estate

Probate real estate refers to real estate that has been distributed through the probate process. This includes properties owned by corporations, LLCs, and partnerships.

Probate real estate is handled differently than regular real estate. For example, the sale of probate real estate requires the buyer to pay for the probate process. The buyer is responsible for paying all the fees associated with the probate process. The probate process can also take longer than normal real estate transactions.

Probate processes can be lengthy and complicated. They involve the following:

o Inventory of the deceased’s personal property

o Listing of all the decedent’s assets

o Determining who the heirs are

o Paying the expenses of the probate process

o Settling any debts that the deceased had

o Appointing an executor

o Soliciting creditors and beneficiaries

o Determining what the deceased’s wishes were

o Disposing of the assets

o Closing the estate

The probate process can cost thousands of dollars, depending on the size of the estate. It can take anywhere from three to six months to complete. The probate process is different for each state. Therefore, it is important to consult a lawyer before beginning the process.

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