probate rules blog

What is probate? rules and procedures

admin — Sun, 01 Feb 2009 06:00:59 +0000

What is Probate?

The probate rules and procedures seems to 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 straight-forward 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 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.

1. What personal property and real estate (if any) is owned by the deceased person
2. Pays any taxes or debts that the deceased person may owe (including costs of doing probate), and
3. 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.

How Long Does It Take to Settle an Estate?
The entire probate rules procedures will differ from state to 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.

Technorati Tags: probate process, probate rules

Probate Real Estate Investing

admin — Fri, 23 Jan 2009 06:00:59 +0000

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:

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Here is another source to get a wealth of information ON:
Administration of Wills, Trusts, and Estates

Technorati Tags: Foreclosure Investing, Marketing, Negotiation, probate, probate real estate

Cash to Heirs while in probate

admin — Mon, 29 Sep 2008 18:12:57 +0000

Cash to Heirs

I have been getting lot of emails asking where can people on probate can get cash advances. i have found a site that has this kind of sevice.

this is the information from the site, but you can only contact them via Email at info@americanprobatesolution.com the site has lots great information, check it out

Inheritance Cash Advance - Get the money you need today!

Long delays, uncertainties, legal hassles. Too often these are the problems you inherit when a loved one, friend or relative dies. Because a typical estate can easily be tied up in court proceedings (called probate) for a year or more, there’s no way of knowing when you’ll actually receive your inheritance money.

An inheritance cash advance helps you overcome the long delays built into the probate process.

You get part of your inheritance now, instead of waiting months, or even years!

There’s no concern about credit references or current employment.

You have no personal liability.

There are no monthly payments or hidden charges.

Your income or credit status isn’t a problem.

You’ll get fast, courteous and friendly help and one click gets you started!

For more information Email us at info@americanprobatesolution.com.

Technorati Tags: Cash to Heirs

The legal probate process of the distributing of the estate of a deceased…

admin — Sun, 14 Sep 2008 15:57:59 +0000

The legal process of the distributing of the estate of a deceased individual is known as probate.
Probate is often a time-consuming and confusing process for those who are involved.
Most people lack a knowledge of the probate process because of inexperience with the process.

Probate is rarely easy, an adequate knowledge and understanding of the process can help decrease stress, and increase your confidence that everything is being done properly. Anyone involved in probate should understand the following:

1 - In cases where a valid will exists, the individual named in the will as the executor is responsible to see that the deceased?s instructions are carried out.

2- In cases where a valid will does not exist, an individual will be appointed by the court as the administrator. The administrator will perform the duties of the executor.

3 - During probate creditors of the estate are provided with an opportunity to place claims for unpaid debt. The validity of those claims is determined by the court. Any claims that are valid will be paid out of the estate.

4 - Probate court is the home of the probate process. Laws and procedures vary from state-to-state. Some states have courts with the sole responsibility of overseeing probate.

5 - Although the length of probate will vary, it will usually last for six months to one year. More complex estates will typically take a greater amount of time.

6 - Inheritance cash advances are available for heirs to estates in probate. Cash advances provide part of the inheritance upfront and help the heir to avoid the long wait required by probate.

One of the web sites to visit for this service is www.americanprobatesolution.com

Technorati Tags: probate law

probate rules Notice to Creditors

admin — Sat, 06 Sep 2008 15:30:50 +0000

Note: this are more probate procedures to take into account when dealing with probate

1. Notice to Creditors

You must mail a notice of administration to each known creditor of the decedent within two to four months after your appointment as personal representative.

2. Insurance

You must mail a notice of administration to each known creditor of the decedent within four months after your appointments as personal representative.

3. Record Keeping

a. Keep accounts You must keep complete and accurate records of each financial transaction affecting the estate. You will have to prepare an account of all money and property you have received, what you have spent, and the date of each transaction. You must describe in detail what you have left after the payment of expenses.

b. Court review ? your account will be reviewed by the court. Save your receipts because the court may ask to review them. If you do not file your accounts as required, the court will order you to do so. You may be removed as personal representative if you fail to comply.

Step by Step coverage of everything you need to know about probate, including * The basics of probate planning
* Real and personal property issues * handy sample forms, and more just to mention a few.

What happens when someone who has been left money from an estate via probate dies within 6 months?

admin — Sat, 15 Aug 2009 01:02:59 +0000

My Great Uncle died on the 24th June 2006 aged 79. He was a single man who had never had children. He did not leave a will. The house he lived in belonged to his parents who did have a will and in it the house was left to all three of their children of whom my Grandfather and his sister were still alive. The estate went to probate and it came back that the estate would be split equally between my Grandfather and his sister after all bills/taxes were paid. The house went up for sale and was due to exchange contracts on the 22nd January. Unfortunately at the beginning of December my Grandfather died (5months and 20 days after his brother). He did leave a will leaving everything to my mother, his only child. We assumed that as probate had been done that my great uncles estate would still go to my Grandfathers estate. On the 22nd of January the date the contracts were due to be exchanged on the house the solicitors stopped it saying that they had to reapply for probate? Why?

Any residue should go into their estate.

Can anyone explain how probate real estate investing works?

admin — Thu, 13 Aug 2009 01:02:59 +0000

Hello
I have been reading about some real estate courses where they say that probate real estaet investing work sbecause the heirs are motivated to sell to pay of any property debts and will sell quickly for huge discount.
My question is why don't they just list it with an agent?
If it's such a discount someone will buy it?
Thanks
aston

While an executor or personal representative for an estate may need to sell an estate's assets, such as real estate to pay off the estate's debt, most already know an agent or 2.

To target these as potential home sellers is pretty much the equivilent of ambulance chasing. And as BrokerPro said, if it's so profitable & these homes are offered at such a discount, why isn't the guy snatching up these homes instead of selling you his course and giving away his "secrets".

Plus most people that are appointed as an executor are not stupid & actually, part of the probate & estate process requires that all the estates assets be valued. For real estate, this needs to be in writing, such as a CMA from a real estate agent. The entire estate must be valued & assets may have to be sold, or may not have to be sold.

My mother died with 1.5+ mill in real estate. We sold one commercial building & then a recreational lot, but are holding the other 3 properties as they are owned free & clear. Doesn't cost us but taxes, insurance and utilities. No mortgages.

menal illness and legal wills?

admin — Sat, 08 Aug 2009 03:51:59 +0000

My aunt died last july leaving all her worldly possessions to an well disliked brother in law and his wife. we filed a probate contest but the judge ruled on a motion to dismiss it as frivilous. My aunt has been mentally ill for 20 years she thougtht she was the sister in law to Bin Laden"???? All hospital records indicate she had full blown dementia e at the time she signed the will-just some 17 days before she died!!!! Any thoughts on how we can get this thief who stole both families inheritance would be appreciate!!!

Get a lawyer fast and appeal the Surrogate’s decision within 30 days. Get all of your information together and witnesses when you return to court. Lack of mental capacity is not a frivolous ground to challenge the formation of a will.

Siblings are "kicking" us out of our own home?

admin — Tue, 04 Aug 2009 03:51:59 +0000

My father in law passed two years ago and my husband, his oldest child, moved our family to his home and became probate rep. Now that probate has closed, his three younger siblings have decided they do not want us living in the home and have given us one month to leave. The estate has been put in all their names, but they state that majority rules and we must leave if they wish us to. My husband feels horribly betrayed and doesnt wish to fight this. Part of me feels the same, but I cant help but feel that if he owns 1/4 of the property, they cannot kick us out any more than I could kick them out.
Please, no bashing or getting even answers, we are in a very bad situation, have no money for moving and no where to go. We have no money to consult a lawyer (unfortunately we live in a very rurally depressed area where free consultations are not given) and need serious legal advice.
Thanx
All the siblings agreed for my husband to be probate rep and that we should live there. We are not trying to "hog" the house. Two of them live over a hundred miles a way and the other 1800. We have been paying the mortgage on the home for the past 2.5 years and all expenses that come with owning a house and 40 acres. They have not even helped w/property taxes. That also came out of our pocket. We do not owe them rent, it is only that we were paying the mtg that the co hasnt taken it.

As they say, Possession is nine tenths of the law, not majority rules. Basically they have told you to get out, but they have nothing to back that request up right? If they want you out so that they can sell the house and split the money that is fine, let them know that you will make sure that the house is presentable and available to show, and once the sale goes through you will move. Until that time let them know that you are not leaving.

homeowner dies, how to evict people living in her house?

admin — Sun, 02 Aug 2009 03:50:59 +0000

OK, kinda’ complicated, but will try to make it as short as possible. My mother died over a year ago and left the house to the four children (I am one of them). One of the siblings (my sister) had been living there in an in-law apt. for over 12 years, was supposed to have paid rent, but never did.
We went to probate court over a month ago, the Judge ruled that the house was to be sold and he set the minimum price. After almost a year of promising to fill out the paperwork to buy the other three siblings out so she can own the house outright, she still has done nothing. My brother took her to a mortgage lender who approved her verbally, but she still refuses to commit one way or another. She still claims she "doesn’t know", meanwhile, the other 3 siblings need the money from the sale of the house, but we can’t sell the house because she won’t make a decision to buy and stay or leave and sell.
Anybody have any idea what my options are.
Thank You in advance.

Her decision is irrelevant. The court has ordered the sale of the house. Put it on the market at or above the Court prescribed minumum and be done with it.

Maybe you want your sister to buy the house so the house stays in the family. Even if so, your sister’s intransigence on this issue, is an answer all by itself.

Whomever is charged with complying with the Probate Court - just put the house on the market - tell sister AFTER you have done so, and let her compete with everybody else for the house.