December 29, 2020
Do You Need Money During Probate? Sell Your House for Cash
After the passing of a loved one, your family must go through the painful process of finalizing your deceased loved one's financial matters. This often includes paying off debts and final taxes, as well as distributing all inherited properties and assets. If you discover that you need additional funding to pay off debts, one option for paying the debts may be to sell your inherited house.
However, putting your house on the market and going through a realtor can only prolong the process. On average, it takes 60 to 90 days to sell a house. You may not have that much time. A better solution is to sell your house fast for cash to a local home buyer in Wichita, Kansas. An investor can look at the property, make an offer within 48 hours, and close the sale in as little as seven days. You get the cash you need to close the book on all debts and taxes, perhaps with some money left over for the family.
How Does Probate Work?
Probate is the legal process of administering a loved one's estate after their death. If a last will and testament is available, your loved one outlines how they want the estate and assets to be distributed. However, before the assets are dispersed, a court ensures that all debts and taxes are paid. The court assigns an administrator to oversee and execute the will and pay all debts.
If the amount of debt or taxes owed is greater than the estate's value, the surviving family members may have to sell part of or all the estate to generate funds, which will be used to pay off the debt. The family works directly with the court or through a probate lawyer. The process may involve the following steps:
Step 1: File a PetitionThe first step is filing a petition with the probate court to open the process and verify the will. The court's job is to confirm that the will is valid and legal. This may be the most crucial step in the process, as it establishes and enforces the deceased loved one's intent in their last will and testament.
Step 2: Send NoticesOnce the court approves the will and appoints an administrator, the executor must notify all interested parties. Parties may include
- All beneficiaries listed in the will
- Surviving family members
- Creditors with outstanding debts
- IRS or other tax-related agencies