Las Vegas real estate terms - What is Probate?

Written by Posted On Thursday, 08 October 2015 15:49

Las Vegas real estate terms - What is Probate?what is probate?

Probate is a process that begins after someone dies. A court will then settle the deceased’s estate and sell or distribute assets to those with legal claims such as spouses or family members. Probate can be a very simple process when the deceased left a will. In the case that a will is involved, all the courts will do is divide their assets according to the deceased legally documented wishes. If there is no will, the process may be complicated and a little overwhelming if there are many claiming to have a right to the deceased’s property.

It is also during probate that a court will determine whether or not a questioned will is valid and sometimes the court will settle the estate of the deceased person themselves. The estate will be administered in the case that the courts have to settle the estate themselves.The estate that the courts are settling include everything that the deceased person owns. Keep in mind that courts usually require information such as death certificates, their assets and will within 30 days of the person’s death.

Want to learn about the different types of probate? Click here to read more.

If you have any additional questions about this process or require an attorney and real estate agent to help sell property in probate, contact the Klinger Group of Nevada Desert Realty at 702-803-3389. The Klinger Group has experience in probate cases and can connect you with an outstanding attorney who can help you through the process.

How to determine if a property requires probate

There are several cases which can lead to requiring the probate process. The first is Community Property with Rights of Survivorship is another case, but this one is usually easy as the individual with the right of survivorship takes ownership of everything the deceased person left behind. Spouses always have the right of survivorship - unless legally documented otherwise.

what is probate?Another is joint tenancy when there are 2 people with claims to the property but one dies. The living owner will then go to court to get the property or assets legally given to themselves. This can be in the case of business owners, friends who invested together, or even simply a spouse.

Tenancy in common is another case in which 2 or more people share property or assets with each owner having a separate and possibly different amount of interest which can be transferable. What complicates this case is that there has to be documentation of ownership because there is no right to survivorship, unlike joint tenancy where a spouse will automatically be getting 100% of the property. This is also difficult as it can be hard to divide assets among people with different amounts of ownership of the whole, should the courts give each person an equal amount of the deceased’s assets? Or should everyone get a share based on what they already own of the property? This may be up to the courts to decide.

Another is called Fee Simple Absolute where there is no right of survivorship, in other words the deceased owned a property in their name alone and left behind no spouse or other individual who has legal claim of the property. In this case the courts must discern what is best to do with the property left behind and how to distribute it.

Contact The Klinger Group at 702-803-3389 if you need help with property in probate. The Klingers have 14 years of real estate experience and have sold many properties in probate. They will be able to answer your questions and connect you with a top notch probate attorney.

If you are interested in selling a home in Las Vegas, Boulder City, and Henderson, click here to read more information. 


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