When an individual passes away, steps need to be taken to ensure that their assets are divided up properly amongst their heirs. This property is in probate which allows the decedent’s property to go to the proper heir. When a home goes into probate, these are the three most likely outcomes.
An Heir is Named in the Will
When an individual passes away, they leave behind a final will and testament to let the courts know how they’d like their estate to be distributed. Often, a part of this document will state how they’d like their home to be taken care of after their passing. This individual can leave their home to a surviving spouse or child through this process. If a specific heir is mentioned in the will, the courts can process the transfer immediately. This is the most common outcome of a home in probate.
No Will is Left
In some instances, the individual is unable to or doesn’t leave a will before passing away. If this occurs, the courts have no legally binding way of knowing who to pass the home onto. If this happens, the executor of the estate will need to work with the probate courts to decide who will inherit the home. The courts try their best to allow this option to end up the same way it would have if the individual had left a will. The outcome largely ends up being the same. The surviving spouse or one of the individual’s children will likely inherit the home.
Home is Sold in Probate
In some scenarios when an heir is not directly named, the executor of the estate may decide with the family to sell the individual’s home. Maybe the family doesn’t want to hold onto the property, or the decedent left behind extensive debts that need to be repaid. However, it can be difficult to sell a home in probate. Chances are, this home requires major updates and repairs. If you sell traditionally, it could be much more difficult to find a buyer. Instead, consider selling your home to a homebuying company for cash. These companies will purchase homes in any condition, and give you a fast cash offer for the home.
If you have a house in probate that you need to sell, trust a homebuying company to let the process go as smoothly as possible. You can sell the home in as little as seven days, and avoid the stress of traditional home selling. If you live in the Dallas area, Joe Homebuyer can help you get started on selling your home today!
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