How Long Does the Probate Process Take?
February 1, 2021
When a property has to be sold in an estate settlement, people often ask us “where do we begin?” Due to the nature of Trust, probate, and conservatorship, the process to execute the sale of real estate in these situations is more complex than a standard real estate sale. We use the analogy of a puzzle. In order to solve the puzzle, we need to have 2 things to be successful: 1) know what the completed puzzle image looks like, and 2) have all the puzzle pieces available. Without these variables, the puzzle remains incomplete forever.
The Estate Settlement Real Estate Puzzle:
Completed Puzzle Image = the worth of the Real Estate Assets
Many families simply want to know the answer to this question – “how much money will we receive after the real estate sale?” The question they really need to figure out is, “how much money will each beneficiary receive after all expenses are paid to settle the estate?” Since real estate is often the highest priced asset, it’s critical to know how much this asset is worth to start understanding the money available to be distributed.
Puzzle Pieces = the NET VALUE PROCEEDS (how much you actually get) from the Real Estate Sale
Many trustees, executors, and administrators of an estate are either caught off guard or so unprepared that, even though their loved one has passed, they still have to pay off creditors/liens/debts before funds can be distributed to themselves and their family members. On top of paying creditors, there are additional fees that will need to be paid, like property taxes, liens on the property (solar leases, mortgages/reverse mortgage), court, attorney, real estate, other service provider fees, etc. Knowing this information helps you reverse engineer the actual NET VALUE of a real estate asset in an estate. This is why it’s so important to get an accurate initial property value from a trusted professional. We provide complimentary detailed property reports and values, so please let us know how we can help. Contact us today: (858) 391-4663
