Even absent a will in effect at their time of death, if there is a valid living trust the lengthy and costly process of probate can be bypassed, avoiding fees that include attorney, court, and arbitrator costs. In total, these fees can cost a solid 6% of the overall estate value, whether that value is represented by boats, cars, bank savings, retirement funds, securities, personal items, or the real estate itself. However, you can proceedwith the actual probate by yourself if you choose to, although it is a complex process perhaps best left to the professionals. The county court clerk for your area will provide the forms to fill out, with one to publish to all the deceased’s creditors. If real estate is involved in the will of the person who is deceased, the executor may request for themselves to be nominated through estate laws in your state, so the property in the will won’t have to go through the confirmation process in court. This will save both money and time, as the house can then be listed and sold like any other home. The executor will accept the best offer and proceed to sign and close the deal when going through the process like any other real estate transaction, but without all the requirements for a real estate transfer disclosure. As a precaution, the executor or the administrator will have any other heir sign a waiver for the notice of the proposed action. Because the courts are involved with probate selling, trust and probate sales have a different vocabulary compared to regular real estate. Probate sales also involve multiple contracts and disclosure statements that are not used with standard real estate transactions. If you are buying or selling real property through a probate transaction, then you absolutely must use a real estate agent who has experience with these types of transactions, including trust sales. The agent will be experiencedwith the special language usedwith these transactions and can explain the language to you.This includes all the steps and documentation that come with these transactions, as clear communication in probate sales is critically vital. STEPS FOR PROBATE TRANSACTIONS Selling real property through probate is a court-regulated process that requires careful management. There are strict deadlines, specialized
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