Thursday, 23 November 2017

Long Island NY Real Estate Probate

Written by Posted On Friday, 10 November 2017 15:07

Do you need help with how to proceed with a probate sale?

Many people believe that a probate sale is a daunting and complicated process. Probate refers to the legal process through which a deceased person’s estate pays debts and distributes assets to their heirs.

 

If the deceased owned real property, such as a residential home, in his or her own name, then the property cannot be sold until the executor has been duly appointed by the probate court following a petition for probate.

 

A probate sale includes a number of procedures and formalities with which ordinary real estate agents are generally unfamiliar.

 

You need a specialist who can help you with your Long Island NY real estate probate sale.

That would be me, Rene Perrin. Let me share more about the probate process.

 

The probate process begins by filing the original Will and a probate petition with the court. Once the jurisdiction is complete and all the concerns have been addressed, the court will issue a decree granting probate.

 

The court will also issue Letters Testamentary to the Executor or Executors named in the Will. This document will give the Executor the authority to administer the estate.

 

The Executor will be responsible for identifying and inventorying the decedent’s property. He or she should also have the property appraised, pay debts, and distribute the property as the stipulated in the Will.

 

Generally, the probate process involves the following steps:

 

Appointment of an executor of the estate

A will names the executor or administrator of the estate. If the decedent did not leave a will, someone, often the spouse or an adult child of the decedent, must ask the court to appoint him or her as administrator of the decedent’s estate.

 

Once a judge appoints an executor or administrator, he or she becomes the legal representative of the estate.

 

Proving the validity of the will

The next step is for the court to verify whether the will is valid. A New York will will be considered valid if it was signed in the presence of at least two witnesses. Each witness must sign in the presence of the other.

 

Inventory of assets

The deceased’s assets must be identified and an inventory should be made before its distribution.

 

Appraisal of property

An appraisal is needed if the estate has non-cash assets including real estate, artwork, or jewelry. This is done to determine the cash value of these assets.

 

Sale of the property

Your home will be listed on the multiple listing services and marketed for exposure. This way agents will know that the property is a probate sale. The property must sell for at least 90% of the appraised value.

 

If a buyer is interested, he must make an offer accompanied by a 10% deposit. The offer is subject to court’s confirmation. The executor, through the probate attorney, will then submit paperwork to court to confirm the sale. Once all the parties agree, a date will be set to finalize the sale in court.

 

Payment of estate debts

The estate pays any debts or taxes owed. Sometimes, the executor may need to sell assets from the estate to settle the debts and expenses.

 

Estate accounting

The executor should prepare and file an estate accounting with the court. The estate accounting should show the receipts and income of the estate, the payment of expenses, debts, taxes, and, the balance of assets on hand.

 

Distribution of assets

The next step is the distribution of assets to heirs. If there is a will, this distribution of assets follows the process stipulated in the will. It is the executor’s responsibility to make sure that the belongings are divided fairly and according to the deceased person’s wishes.

 

Without a will, the distribution follows the state law.

 

Closing the estate

After the distribution of assets, it is the duty of the executor to file any remaining paperwork with the court. This will release the executor from his duties and officially close the estate.

 

Probate is a relatively standard process. However, it can also be complicated, lengthy, and expensive. Having an experienced Long Island real estate probate agent can help complete the process as quickly as possible.

 

Visit my website at http://LongIslandProbate.com/ for more information.

 

If you need help selling real property through probate, call me, René Perrin at 516-802-3785. I can guarantee to serve your best interests!

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René Perrin

René Perrin | Remax Central Properties | 341 Newbridge Road, East Meadow, NY 11554 |  516-802-3785

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