Assets Subject to Probate

Assets of all types must be considered when it comes to probate. During this process, the court must decide several things. First, it validates what property the deceased person owns. It then determines the value of that property. And, from there, it determines who the deceased owes money to. When it comes to probate without a will, the property must go through the process in which creditors receive payment for what is owed based on the assets available.

What Type of Property Matters

Even if there is just a single person who is likely to receive the inheritance or estate from a deceased party, there is a need to go through this process. Probate without a will means that the judge needs to be given all information about owned property by the deceased. This includes the following types of assets.

Cash and Cash Accounts
All the funds within a person’s bank accounts are subject to probate decisions. In most cases, the funds within those accounts are frozen at the time of a person’s death until a decision by the court is conclusive. If you sell a probate house or property, be sure the funds do not get deposited into these accounts as it can lock up the money for months or longer.

Personal Property
Valuable personal property, such as jewelry, is also a component of the probate process. For some situations, it is about sentimental value. For others, it is about the actual value of these personal assets. How can they be divided fairly? How much are they worth?

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Real Estate – The Probate House Sale Process

Can you sell an inherited property before probate? Can you sell a house during probate? These are very common questions and concerns after the death of an individual. Generally, maintaining the property is costly and time-consuming. Selling it seems faster and less costly. However, the court must decide if the property needs to be sold, who has the right to the proceeds from it, and what steps need to be taken.

Can you sell a house before probate? This question is one to ask your attorney based on your state’s laws. If there is no trust or no beneficiary listed as a joint owner, it may be difficult to do so.

Tenants in Common

Tenants in Common is a term that describes a situation in which more than one person is listed as the owner of property. When one person dies, the other person does not automatically lose the property nor is forced to sell it. Rather, the ownership rights to that property will transfer at the time of death. In some cases, this makes it harder to sell property quickly.

If you have assets or know of assets owned by a deceased person, the court is likely to need to know about this. These assets must be considered throughout the probate process. Can you sell a house before probate? This question is one to ask your attorney based on your state’s laws. If there is no trust or no beneficiary listed as a joint owner, it may be difficult to do so.

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