There are many things that must be put in order when a loved one passes.
It is a difficult time for family, relatives, and friends. Aside from the emotional aspects of grieving, there are legal probate and personal property issues that must be taken care of.
While it may not erase the pain of losing a loved one, getting your financial and legal affairs in order can be a small step in the right direction. It can also give you some peace of mind during this challenging time.
During these times, it is best to accept the offers of help from family members, friends, and experienced Long Island NY probate agents, such as myself.
Understanding Probate
In probate, a court case deals with the following:
• Transferring the property of someone who has died to the heirs or beneficiaries;
• Deciding if a will is valid; and
• Taking care of the financial responsibilities of the person who died.
When your loved one passes, the probate process will begin in the county of their legal residence at the time of death.
If a will was left behind, the person named as the executor will be in charge of finalizing his or her affairs. If there is no will, the court will appoint an administrator.
If you have been named as an executor in a will, that means you have a great deal of responsibility. It is your responsibility to gather and value the assets of the estate, pay off any debts and liabilities, pay any Inheritance Tax that is due, and distribute the estate in accordance with the will.
However, you will only be able to do all these things if you have a Grant of Probate, a confirmation that the will is valid and that you, as an executor, have authority to deal with the deceased’s estate.
Selling Real Estate in Probate
When selling real estate in probate in Long Island NY, you need to start by appraising the property first. You can find an appraiser in the local phone book or by asking for referrals.
Next, you have to obtain a petition to sell real estate from the court. File the petition along with the independent appraisal with the court and wait for the approval from the probate court allowing the sale.
Once approved, the property will be listed available for sale and advertised for exposure. If a buyer is interested, he or she must make an offer accompanied with a 10% deposit.
The estate representative, through the probate attorney, will then submit to the court to validate the sale. If all parties agree, a date will be set for the sale to be finalized in court.
A Notice of Planned Actions will be mailed to any or all heirs once there is an accepted offer. The heirs have 15 days to examine the notice and present any objections. If there are no objections, the deal may proceed with no court hearing.
For more information, you can visit my website at http://LongIslandProbate.com/.
If you need help selling real property through probate, call me, René Perrin at 516-802-3785. Let me put my skills to work for you!
