Frequently Asked Probate Questions
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In simpler terms, probate is the process by which a deceased person’s assets are distributed to their surviving heirs under the supervision of the court.
A will is a legal document that states how you want your assets to be managed and divided after you pass away. It will only take effect after the death of the person who made the will.
Meanwhile, a Trust is a fiduciary agreement where a grantor allows a trustee the authority to manage and distribute his granted assets for the benefit of the grantor’s listed beneficiaries. Unlike a Will, which can only take effect after death, a Trust is effective both during life and after death.
One of the benefits of buying a probate estate is the chance of buying it at a lesser market value. In situations where no one will live in the estate, or there are multiple beneficiaries of probate property, they usually sell the estate and divide the sales.
It is preferable if you hire an attorney if you are trying to buy or sell a probate estate. Since the probate sales process involves the supervision of the court, there will be strict rules and regulations to follow and legal documents to sign. Hiring a probate attorney will help you understand the complex estate probate process.
Hiring a qualified probate real estate agent is important since he will have to play a crucial role in the process. The real estate agent will help you identify the estate’s market value, submit an offer, market the property, and negotiate a great offer.
Should you have any probate FAQ or California probate law FAQ, please don’t be reluctant to contact our team at your earliest convenience. We can also assist you on how to buy probate real estate and make the process as seamless as possible