Everything You Need to Know About Probate Real Estate
If you’ve lost a loved one before and had to go through a court process to get your share of inheritance willed to you, then you understand what it feels like to go through probate real estate. If you haven’t been through this process, then there are chances that you will in the future.
This article is written to serve as a guideline to this process revealing all you need to know about the probate court, how the probate process works in Oklahoma, the parties involved, what your rights are and what you’re expected to do during the process.
What is Probate Real Estate?
In simple terms, probate is the process of validating and implementing a will by the court. It involves a legal process that follows the death of someone with assets intending to transfer ownership of those assets to someone else or sell the property. The probate process is easier if there is a will or living trust left by the deceased. These documents make it easier to properly transfer the ownership of each of the property to the named beneficiary with an appointed executor. However, in cases where there is no will or trust, the court follows a mapped-out guideline making sure that the assets which could be money, cars, houses are either sold or transferred to the rightful heirs after the debts owed by the deceased are cleared. Having explained what probate is all about, probate real estate simply means the same but involves homes or houses of deceased homeowners.
In Oklahoma, once a probate process is initiated in the probate court, the court appoints an executor which is the person who will administer the estate and handle all matters concerning the probate process. In situations where the deceased has named an executor, the court will not need to appoint another one. Probate can come in handy where the deceased has no Will or Trust. If there’s a clear Trust or Will well spelt out for the survivors of the deceased, there might be no need for the probate process.
The probate process can span into months if there’s no contest, otherwise, it can get dragged for years until it’s fully settled in the court with all parties satisfied.
The Probate Process in Oklahoma
The probate process can be confusing when it comes to Oklahoma. Here is an overview of how the probate process works in Oklahoma for you to avoid making any mistake.
Filing of probate petition and Naming of Executor
The probate process starts when an estate or homeowner dies. Once this happens, the named executor, lawyer or one of the survivors will inform the court about the death presenting a copy of the death certificate for the process to start officially. The court will send out a notice to all the heirs for their presence at the hearing where an executor will be appointed by the court if there’s none already named from the will. This is done after validating the will by ensuring it was properly signed and dated according to legal standards.
Notice to Creditors
At this point, all creditors of the estate or people being owed by the deceased would be notified and published in the newspaper and asked to come forward to make their claims and have them verified. With this, approved claims will be paid. Where required, a tax return can be filed before 9 months after the deceased death.
Files and closing of the estate
When the time given for creditors to lay their claims expires and approved claims and tax returns paid, another file to close out the estate will be filed and the remaining properties will be distributed to the beneficiaries.
Notification of final hearing for all parties
At this stage, the court will fix a hearing date and all beneficiaries of the estate on probate will be notified for them to be present at the final hearing. Approval and distribution be appointed by the court if there’s none already named from the will. This is done after ascertaining if the will is valid or not
Once the court approves the final account, the properties will be distributed accordingly to the beneficiaries and a receipt will be issued to each of them which will be filed in court for final discharge. This filing releases the executor from his job in overseeing the whole process.
Quick tips to improve your probate process
If you’re worried about the possible slow pace of getting over with the probate, here are few probate real estate tips that could go a long way to helping you secure a faster process.
Find a good Attorney
The success of the process largely depends on this. Therefore, it is important to find a good attorney who knows and understands the whole process.
Keep the family together and calm.
When people lose their loved ones, there’s a tendency for chaos to rise in the family with everyone pointing at what he or she wants to inherit. You must calm your family down at this point and let them think straight.
Respond immediately anytime you’re needed
One of the factors that can slow down the speed of the probate process is not doing what needs to be done fast enough. Do not allow the emotional or physical challenges of losing a loved one to hinder you from responding fast enough when something is needed from you. The longer you wait, the longer your probate takes.
Cost of Probate
The cost of a probate process is not static, certain factors can either increase or decrease the amount needed to run the process. Some of these factors can be the size of the estate as well as your place of residence when the deceased died. However, here are some of the costs you should expect when you go through a probate process.
- Attorney fees
- Compensation for the executor
- Probate bond
- Court fees
- Creditor notice fees
What you can do with a house on probate
It’s important to know what you can or cannot do when it comes to houses involved in the probate process. Since not everyone has the luxury of patience to wait for the entire probate process, there’s a way out. At exit strategy Investments, we work with clients offering them the easier way to out of the probate process. We’ve been able to purchase many houses through this process.
It is important to note that you can sell a house on probate, however, the appraisal must have been done to determine the value of the property and the court’s approval needed to go ahead.
To sell your house to us at Exit Strategy Investments;
- You won’t need a real estate agent
- There will be no need to pay commission fees or hire a real estate agent
- You won’t pay the closing or holding costs
- No need for cleaning as there won’t be any inspection
Once you contact us with the details of your house, we’ll make you a no-obligation cash offer before the next 24 hours! At your chosen time and company title, we will close the deal while you smile to the bank. With our experience working with so many attorneys over the years, we know what it requires to make a smooth sale of a house in probate without going against the law.
It’s quite simple! The Probate processes can be long, instead of waiting it out, take this opportunity and contact us right away and you’ll ever remain thankful you did.