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General Probate Process

In this blog post I am going to talk about two things.

1. What is death probate?

2. Options you have when you inherit a property. 

Please note this blog post has been created to inform and is not legal advice. It is based upon PA law. The statements are general and individual facts in a given case may involve other laws not referred to hear. 

What is Death Probate?  When you think about it, probate is not that difficult to understand. At your death, your assets need to be distributed to your heirs, your debts need to be paid, and any loose ends need to be looked after. Obviously, you cannot sign the deeds, write the checks, or handle your business affairs after you are gone.  The probate court takes control of those tasks.

In Bucks County, Pennsylvania you would start by going to the Register of Wills Office located in the courthouse in Doylestown Bucks County. 

The probate process can be a long, complicated process for some families.  The following are the 5 basic steps to settling an estate through death probate.

Step 1: Recording the will and gathering material. What this means is:

  • Submitted original will to court
  • Begins probate process
  • Pay filing fees
  • Personal representative (without will) or Executor (with will) determined
  • Hire a Probate attorney

Step 2: Publishing notices to creditors – creditors are usually notified through the local newspaper or direct mail.

Step 3: Inventory and Appraise Assets – During this period none of the assets can be distributed or sold without permission from the court.

Step 4: Payments of Debts, Claims and taxes – once all debts and claims are submitted, they are presented to court for approval to pay them from the assets of the estate. 

Step 5: Final distribution and closing of estate – after all the liabilities and fees are paid the probate court will allow final distribution of whatever is left of the estate to the beneficiaries named in the will.

Now I will talk about the Options you have when you inherit a property

Once the probate court gives the beneficiaries the ok to sell real estate from an estate, the beneficiaries usually just want to sell the house fast. The major problem with this is that most estate properties had elderly people living in them and in most cases the house is very out-dated.  For example, the house might be nice and clean, however, the kitchen style is from the 1970s, the bathrooms had that brown or hot pink tile, the roof and heater are over 20 years old.  You get the picture.

Buyers today want an up to date house that is in excellent condition and newer looking.  Also, home buyers today want to move into a house without fixing it up to modern standards. 

What beneficiaries will usually do is contact a real estate agent to list the property.  But since the house is outdated the house sits vacant for months and months.  Being vacant that long can increase the chances of bulgary or vandalism (copper pipes are worth money today – Yes we have seen this).  Remember a real estate agent list houses and HOPE they sell. 

There is an alternative.  If the house is located in Philadelphia, Bucks, and Montgomery Counties the beneficiaries can contact me.  I buy pretty or ugly houses for cash and can close when you want to.  If you want to sell a house fast and move forward with life you can contacted me via our website or call us now at 215-900-3447.

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May 17, 2010 - Posted by | Uncategorized | , , , ,

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