Archive for January, 2009
Probate Real Estate Investing
Probate Real Estate Investing:
1: Probate files are public record. In US I don’t know of a City or County where probate files are private. Many people think bankruptcy filings and foreclosure notices are private. Wrong! Probate files are of public record just like Bankruptcy and Foreclosure. You can walk into any county, ask where the probate files are kept and access them with ease. Or better yet access them online in the comfort of your own home.
2: Probate court requires that probate property is sold at “fair market value“.
I could tell you this is not true based on the deals at big discounts. When a probate estate is opened a Personal Representative is put in place. The named executor can sell probate property is the court’s main concern, but not the ‘what’ the property is sold for.
The heirs are getting what is theirs, they can do whatever they want with it. The court wants to make sure the probate estate is settled properly but rarely micromanages the disposition of assets. In some cases property will be appraised, but this is the exception more than the rule.
Here is what you need to know: the overwhelming majority of probate estates allow the heirs to sell the property at whatever price they desire. And when you have a probate property in disrepair, vacant and often being dealt with by out-of-town heirs you have the makings of a great deal.
You can find more on this subject:
write your first name & Email address
in the opt-in Box upper Left corner
and I’ll send the info as fast as possible.
Here is another source to get a wealth of information ON:
Administration of Wills, Trusts, and Estates
How do I word a letter to creditors about a probated estate?
My family probated my father’s estate through the court. We also published a death notice in the newspaper stating that if anyone has a claim against my father’s estate that they had 6 months to file any claim. It has now been 8 months and we have received some new bills in the mail to be paid. Our lawyer told us to write the creditors a letter stating that they would have to petition the court with their claims. I was wondering how I need to word this letter and what information I needed to include. Thanks.
Send a copy of the crediters notice from the newspaper along with information on when the estate was probated and who the executor was.
Heading(to the crediter)
This is to inform you that the estate of the late (person) was probated in the (court) of (county, (state) on (date).
Enclosed is a cliping of the notice , as required by law, posted in the (newspaper name) on (date). As the estate has already been probated your firm will need to file a pettition with with the court.
Yours sincerely
etc., etc.
powered by Yahoo answers
my father left me as the beneficiary on his life insurance policy, his estate is going thru probate?
there are family members contesting can that be introduced into probate.
Contesting the will? That's fine, life insurance isn't part of the estate - you can't "change" the beneficiary clause via a will.
Contesting the beneficiary clause? Well, unless you coerced him to change it right before he died, or forged the change, that's NEVER going to be changed. So that's a losing battle, assuming you've acted honestly.
powered by Yahoo answers
Estate Planning : Can a Trustee or Executor be Replaced?
http://www.texastrustlaw.com
Brad Wiewel is the head of the Wiewel Law Firm, and is board certified in Estate Planning and Probate by the Texas Board of Legal Specialization. His firm focuses exclusively in the area of estate planning. Nothing contained in this video is to be considered as the rendering of legal advice for specific cases, and viewers are responsible for obtaining such advice from their own legal counsel. This production is intended for educational and informational purposes only.
A trustee can be replaced only according to rules within the trust or will, and executors are often chosen by the court. Learn when a trustee or executor can be replaced from an estate planning and probate lawyer in this free video on estate law.
Duration : 0:1:53