If you’re set to inherit a house upon someone’s death, you might assume that everything is pretty well cut and dried. It should only take a month at most before the deed is in your name, right? As it turns out, it’s usually not that simple or that quick. So what should you expect instead?
The Estate Pays the Debts
Debt is a pretty normal part of life today. Between credit cards, car loans, and mortgages, most people have some form of debt. Sadly, not everyone pays off all of their debt before they pass away. The first thing that you should expect is for the estate to be used to settle any outstanding debts that remain. That may mean that the house has to be sold. If you need to find a buyer and get it sold fast, selling to a cash buyer like Joe Homebuyer of Palm Beach is a great way to go.
The Remainder Is Distributed
Once any outstanding debts have been taken care of, what remains will be distributed based on what is said in the will. Depending on what was needed in order to pay off any debts, you may inherit the house itself or what money remains from the sale.
What Happens Next
So once you have the house, what’s next? Well, that depends on you. You always have the option to keep the house if that makes sense for you and if it’s what you want. If that isn’t the case, you can sell it instead. That can be tricky if you need it sold quickly, given that it can take months and months for a house to sell on the market. Of course, you could try selling it to Joe Homebuyer of Palm Beach. It’s not unusual for such sales to take 30 days or less – way faster than the traditional method.
Probate can be a long, complicated process. If you don’t understand it and how it works, it can be a real source of frustration. Still, it’s important to remember that it has its place in things. After all, there should be some way to ensure that the interests of the deceased are protected as much as possible. That’s where probate comes in. Get familiar with it and how it works so you know what to expect if you’re set to inherit anything upon someone’s death, especially a house.
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