How Does Probate Real Estate Sales Work?
Probate real estate sales may seem complex, but the fact is, with the right tools, tapping into this oft lucrative market can be easy. Basically,
Start finding high quality probate leads today! Click to sign up for a free trial.
The Probate Process
Start
Payout
File Petition
for Probate
for Probate
Hearing on
Petition
Petition
Letters of
Administration
Administration
Issue Bond
Notice to
Creditors
Creditors
Inventory
Estate Taxes
Paid
Paid
Creditor Claims
Paid
Paid
File Petition
for Final Distribution
for Final Distribution
Hearing on
Petition
Petition
What is probate?
The purpose of probate is to settle the estate of the deceased legally. During probate, the Personal Representative of the estate and the probate court work to ensure the debts of the deceased are paid and that the decedent’s assets are distributed to those who are legally entitled to receive them.
The Probate Process
The probate process typically starts within 30 days of death and ends after the estate is settled. The steps in between include filing a petition for probate with the court in the country where the deceased resided, after which a hearing date is set. The court issues Letters of Administration, and a notice of probate must be published in the local newspaper.
Notice of probate is given to all creditors, and the Personal Representative appointed by the court will prepare an inventory of the value of all assets. A personal income tax return is prepared and filed for the estate.
Once the estate is inventoried and liquidated, the court determines who is to receive the assets of the estate. The Personal Representative petitions the court for permission to distribute the and files a report with receipts. The court reviews the handling the estate to ensure it has been appropriately handled and the Personal Representative is released from further responsibilities.
Who Serves as the Personal Representative
The Personal Representative is typically named in the decedents will and appointed by the court. If there is no will, then next of kin can petition the court to act as Administrator the Estate. Next of kin includes the decedent’s spouse, children, or parents. However, other relatives and even creditors can petition to be Administrator of the Estate. If any dispute arises as to who should represent and administer the estate, the court will decide based on the rules established in the California & Oregon Probate Code.
Learn More About FindProbate
Why Find Probate is the Perfect Tool for Real Estate Pros
Probate has often been one area of real estate that many professionals avoid, making it was of the least competitive areas in the industry. Too
Where Does Find Probate Get Their Leads?
Just like all probate real estate professionals, Find Probate pulls leads directly from the source – courthouse filings. But there’s one really big difference. We
Ready to get started?
Terms of Service Privacy Policy Notice for California Do Not Sell My Personal Information
© FindProbate LLC, All Rights Reserved.
