What Do I Need To Know About Probate?
What is probate?
For most, this is your first time going through the process, and you may be wondering, “what exactly is probate?”
Probate is the legal process that occurs after someone has passed away and did not leave behind a living trust. It ensures that all property and assets are distributed correctly, such as inherited funds, final bills, and taxes. An executor or administrator is appointed to carry out and oversee these responsibilities and typically given to a direct family member.
If you have recently inherited a probate property, you and your family are likely going through an emotional and challenging time. In addition to the pain of losing someone irreplaceable in your life, you are also suddenly thrown into a complicated world of court procedures, attorney fees, paperwork, and a flood of confusing legal information.
New Jersey has probate regulations that are different from those in other states, and it can be overwhelming and challenging to keep all the facts straight. Here are a few things you’ll need to know.
Selling a probate property is different from selling traditional property
Selling a traditional property might seem complicated enough on its own. The selling of a probate property involves various contracts, timelines, pricing rules, and necessary actions to take at different stages in the selling process.
Depending on the estate, it can sometimes even take a year or longer to complete. Luckily, there are probate realtors who specialize in selling this type of property and know all the ins and outs to get the job done right.
Probate realtors are different from traditional real estate agents, as they are experienced in handling and understanding the entire probate process.
Probate attorneys do not have the same skills as a probate realtor
You might expect that a probate attorney knows everything about handling the procedures involved with probate. However, probate attorneys do not have the skillsets required for selling homes, and leaving this up to them can prove costly.
Because they lack probate real estate knowledge, it will take them more time to look into how the procedure works, and they might miss important details that are vital to ensuring the proper sale of the property.
Remember, it is essential to hire a qualified probate realtor who understands the entire probate process.