Why Many Avoid Probate When Selling An Inherited House
If you inherited your home, specific steps need to be taken after the death of a loved one to sell the property and avoid probate legally. Probate is a legal proceeding in which you must identify who inherits the property and take care of any fiscal responsibilities. The process can be long and complicated, but your home sale should be smooth sailing if you follow these steps. There are various reasons why people avoid probate, and here are some of them.
1. Avoid Disputes Among Heirs
Selling a house can be difficult, especially if you have several heirs; disputes may arise, and the sale of the house will be delayed or completely canceled. Selling an inherited property worth a lot of money can cause family members to fight over who gets what and who should be responsible for paying off debts. Many other things can go wrong when selling property to heirs, so avoid probate if you want to avoid all these problems.
In addition, people think that avoiding probate will save them money. This is not always the case because most people who inherited their homes from their parents thought they would be able to get a new home for less than what their parents paid for theirs. Plus, selling an inherited house can cost thousands of dollars in legal fees and estate taxes.
2. To Keep Away From Maintenance Costs
When you own a property, you will have to pay for the upkeep and maintenance of the house. If you are selling an inherited house, you will likely not know what kind of shape the property is in and whether or not it requires repairs. You also have to deal with utilities, taxes and other miscellaneous expenses, which can be a hassle for someone who is not familiar with the property or has enough money to pay for these expenses on their own.
Also, you may have to wait for months or years before you can sell an inherited property. There’s always the possibility that the house may fall into disrepair during this time, and you will have to pay thousands of dollars for repairs and legal fees. Furthermore, if the death of your loved one was unexpected and you don’t have enough money to fix or maintain the house, selling it legally through probate will take a lot of time.
3. Help Family Move on from Loss
When someone passes away, the family will have to deal with many issues, including the loss of a loved one, finances and many more things. If a property is part of the estate, they will have to deal with the foreclosure process and all paperwork that comes with it. To help them move on from their loss, you can sell an inherited house as soon as possible to remove these burdens. This will also allow the family members to move on with their lives and start healing from their loss.
Besides, if you inherit a home from your parents, you will likely want to change the things around the house to make it your own. This means that you may need to put in new flooring, paint the walls or even replace or buy new furniture. You get to decide what changes are made and how much money is spent making these changes.
4. To Avoid Legal Battles
If you are the primary beneficiary of your great aunt’s property, there is a high probability that distant relatives will try to challenge your claim as the rightful heir. This will lead to legal battles, which can be quite costly and take up time. The sale is also likely to be delayed since courts need to be involved. This can cause a lot of heartaches and lost time when you need to close on the property as soon as possible.
When it comes to selling an inherited house, there are many reasons why people avoid probate, and one of the most important is to avoid legal battles, given that the heirs can try to challenge you as the rightful heir. By selling an inherited home quickly and avoiding pitfalls like disputes among heirs, you can bypass these issues and save yourself time, money, and heartaches.
No matter your situation, or what condition the property is in, we can help find the best solution for you to assist in selling your home fast and easy!