Probate / Inheritance are just 2 more ways a Problem Property can be created
We offer a type of Probate / Inheritance Liquidation Service which can help alleviate the burden of a Probate / Inheritance Property or Probate Estate
It’s a tough enough task just to handle your own emotions and those of all who cared for someone dear who has passed away. Piling on the responsibilities of settling the estate not only comes at one of the most inopportune times, but also brings with it a monumental task. While it is the Personal Representative ( Also known as the Executor or Administrator) of the estate who will bear the brunt of these tasks, all the heirs will have to do their part in settling the estate.
When someone passes away everything they own and or owe must be settled. Unless they have already prearranged all their affairs (of which there are many, and that very few people ever do) the estate may have to go through the probate process. This is a court overseen settlement process designed to verify any wills, settle any outstanding debts, and properly transfer title of all assets. This is an arduous task for the person who is designated to be the Personal Representative, Executor, or Administrator for the estate. Read this little story of someone who is extremely grateful for their fathers efforts taken long before his passing. This readers story from Get Rich Slowly should give you at least some idea of how much is involved with settling a probate / inheritance estate.
Can you now picture the task before you?
And what about those costs…3-5% to attorney’s, figure about 10 thousand for funeral cost, another $1,000 just for miscellaneous expenses, another 1 to 2 thousand for court costs. That’s almost $20,000 on a $100,000 estate. This is not including paying off any outstanding debt. If there was an $80,000 property and $20,000 worth of personal property where’s all that money going to come from? Either you and the other heirs, or directly out of the assets of the estate.
It’s not likely you’d be able to sell all the personal property in a timely manner s either you come out of pocket, or it comes from the sale of this Problem Property. In this case it’s a “Problem Property” because it’ll need to be liquidated in order to settle the estate costs.
A Probate Service could viewed be as your attorney or it could simply be a paralegal service to assure you have all your documentation in order. It could be an estate settlement group or nothing more than a mediator to settle internal disputes among heirs. Another service sometimes times employed by the heirs of an estate could be a liquidation service. A liquidation service might be used by heirs who do not live in the area and cannot personally attend to the distribution of all the assets.
As a real estate business we are of course most interested in the real property however there have been many occasions where we’ve assisted the PR and heirs with the liquidation of all assets–usually by simply buying them! Often times we’ll purchase a property and all of it’s contents as a single purchase. This can be much simpler than trying to put a value on each individual item and selling them one by one, or going through an auction house.
We have also assisted with the shipping of items the heirs may wish to keep. Bottom line is we go the extra mile to assist the PR and heirs with the disposition of assets both real and personal. And although we are not attorney’s, paralegals, cpa’s, financial or estate planners, we can also assist you with some of your documents (Although Professional services are always highly recommended for properly prepared documentation).
Inheritance is a much smaller problem than probate. Typically when one inherits property it is because the estate was very well planned out prior to the decedents passing. All the legalities have been taken care of and the only thing left for the beneficiary (person receiving the inherited property) to worry about might be any inheritance taxes due. Although this simple worry could be the catalyst, creating a problem property of which a quick sale may be the best remedy. This sale in turn, could generate even more tax due through capital gains. So YES! Inherited property too can be nothing more than another problem property. >>>Click Here<<< To liquidate your Probate / Inheritance of a problem property.