What is Probate

Real Estate Investment and Rehab Through Probate

The probate process seems too many outside the legal world to be a long, drawn-out and expensive process for settling a deceased person's affairs. Many times the probate may be fairly straightforward and not require an attorney. You may wish to have a probate attorney review your case. This information is not legal advice and is meant to to give you an overview of the process. What is Probate? The term probate means "to prove" the will through a proceeding that usually occurs in court. However, a will does not always exist (or is not available) and laws are established in each state to deal with the orderly distribution of assets to those who are entitled to inherit them. What is Involved in Settling an Estate? Please go to the Executor page for a detailed description of the duties and liabilities of the personal representative. What personal property and real estate (if any) is owned by the deceased person Pays any taxes or debts that the deceased person may owe (including costs of doing probate), and Distribute all real and personal property which remains to the rightful beneficiaries This property is said to be owned by the "estate" of the deceased person and must remain so until the judge or other court-appointed person says it may be distributed. However, it is often necessary to sell the property in order to satisfy the debts of the estate to close the probate. If you have a property that you need to sell please contact us for immediate assistance at 877-795-9506or via email at firstpositionfinance@ureach.com How Long Does It Take to Settle an Estate? The entire probate process will differ from state too state and the size and complexity of the "estate." In some states, small estates may even avoid a formal probate; however the debts must still be paid. The minimum time an estate will likely be open is probably from six months to a year, often more depending on the complexity of the estate.