How to Avoid Probate
When you recognize the risks probate creates, you may want to do everything you can to avoid it. Probate without a will takes a long time and makes you less likely to get the outcome you desire when it comes to things like your ability to sell the house and property. What can you do, then, to avoid it?
Probate attorney fees can cost as much as 5% of the value of the property.
According to the American Bar Association, 55% of Americans pass away without a will.
HomeGo Can Help.
HomeGo is the nation’s largest home buying company, and we’re bringing professional experience, transparency, and assurance to homeowners who want an easier way to sell.
Probate Without a Will – How to Avoid It
There are several steps you can take to potentially avoid probate. If you have questions such as can you sell an inherited property before probate, these options may be important to consider.
You can designate a beneficiary to inherit specific property. This must be done before death, of course. For example, if you own a piece of property and want your child to have it, designate them to inherit the property.
Payable on death is a specific type of arrangement in which a bank or lender and a property owner agree that, at the time of death, the listed beneficiaries will receive the property. When death occurs, the property transfers to the beneficicary.
Can you sell a house before probate? You can if that property is within a living trust. Trusts work like their own legal entity. This means property you place within them does not go through the legal process of probate.
When you file for joint ownership of property, usually before the death of a loved one, both parties own it. This, with a clause for protected survivorship, eliminates the risk of the property being sold during probate.
Transferring property to other people before death eliminates the risk that those items need to go through the probate process. Probate house sale processes are challenging, but this doesn’t have to happen if you give the property to someone else beforehand.
You can sell a property as is to avoid the difficulty of probate. Selling as is can be an ideal because it allows you to liquidate the property fast and for far less than cost than if you had to market it for sale. It also means no additional investment into the condition of the home.
Sell to HomeGo
HomeGo invests in properties of all types. If you need to sell the property fast before probate or during the process, this is an excellent solution. It enables you to get out of the property’s ownership without having to pay fees, and it can help to liquidate the property faster to split the funds as required under law.
HomeGo Can Help.
For many people, selling a probate property ASAP is the simplest, most straightforward solution.
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Check out more of our information on probate.
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