A Loved One Has Passed, What Happens To Their Home?

Losing a loved one is a profound and challenging experience, and the responsibilities that come with their estate can add to an already stressful time. If you've found yourself in this position, handling property after a loved one's passing, here's a guide to navigating the selling process post-probate and the critical importance of a will.

Navigating Probate: Probate is the legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off. If your loved one owned property, it would likely go through probate unless other provisions were made, such as a living trust.

Once probate is complete and you have the legal authority to act on behalf of the estate, the process of selling can begin. It's wise to work with a real estate professional experienced in probate sales, as these can be more complex than standard property transactions.

Preparing for Sale: Preparing the property for sale may include:

• Assessing and appraising the property value.
• Ensuring the home is in good repair and staging it for sale.
• Marketing the property effectively to reach potential buyers.
• Negotiating the sale to maximize the return for the estate.

The Importance of a Will: Having a clear and legally binding will is invaluable. A will can:

• Specify how the deceased wanted their assets distributed.
• Name an executor to manage the estate, which can expedite the probate process.
• Potentially reduce disputes among surviving family members.

Without a will, the state's laws of intestacy will determine how the estate is divided, which might not align with the deceased's wishes. It can also lengthen the probate process and increase costs and stress for the heirs.

Moving Forward:

• Gather important documents: deeds, mortgages, home insurance records, property tax records, and any home warranty information.
• Consult with an attorney specializing in estate planning or probate law to understand all legal requirements and potential tax implications.
• Consider the emotional aspects: selling a loved one's home can be emotionally taxing. Allow yourself time to process these feelings.

Advice for Property Owners: If you own property, establishing a will and clearly outlining your wishes can spare your loved ones additional difficulty during a time of mourning. Consider also setting up a living trust, which can bypass probate and ensure a more direct transfer of property.

During this time of loss, know that there are resources and professionals who can guide you through the complex process of handling an estate. Selling a loved one's home is never just a transaction; it's a step in honoring their life and legacy. Please reach out with any questions, I am always here to be a resource for you.