If your Louisville house entered the probate process, would you know what to do? Are you even up to speed on what probate is and how it works? It might not sound like the kind of issue that would come up for you but in these unprecedented times, it’s important to be prepared for all possibilities. Knowing what to do in probate and whether or not a house can be sold while in probate could end up being valuable information that saves you a lot of headaches, time, and money. You’re already dealing with a very emotional time, you don’t need to add any frustration around unwanted properties or homes in disrepair.
Let’s learn more about the probate property sale procedure and how the probate process for a house in Louisville works, especially if you plan on selling a probate property.
How To Sell Probate Houses In Louisville
What is Probate Property?
Essentially, probate is the name of the process in which you provide the last will and testament after someone is deceased. The point is to verify that the will is, in fact, a legal document, and the decedent’s intentions are carried out as instructed. Probate can also happen when a will does not exist, so a private court needs to decide the best way to distribute their estate’s assets to spouses, children, relatives, and others.
If the estate in question is small, probate will likely only take a few weeks or months. If everything is spelled out correctly in the will and all of the recipients are available, it’s a quick process. However, a large estate’s probate process can often take years to complete. Plus, if someone feels as though they have a legitimate claim to any assets in the estate, they can file a petition with the probate court, which can delay things even further.
It’s worth noting that having a will does not help you to avoid the probate process. However, the will can help guide the process towards a logical and swift conclusion that otherwise wouldn’t have been possible. Not to mention it makes life a lot easier for those left to sort out the estate, especially if they plan on selling a probate property in Louisville.
Probate Process for a House in Louisville
If you want to begin the probate process for a house in Louisville, Kentucky, here are all the steps that are likely to happen.
First, you need to initiate the probate process by locating the will of the decedent. Once that’s done, you need to file a petition to the District Court judge asking to admit the wall into probate so that an executor can be appointed to administer and settle the estate. Ideally, you’ll have a lawyer or legal expert help you do this.
Next, you need to prove the will in court. This is done by at least one witness to the opening of the will, presuming it’s not a “self-proved” will (signed by the decedent in the presence of two witnesses as well as a notary public). There is also something called a holographic will, which is written in the decedent’s handwriting. In that case, all that is required is proof of the decedent’s handwriting via a witness.
Now, the personal representative of the decedent’s estate will take control of the assets in order to manage and protect them until they can be disbursed. That person then has 60 days to prepare and file an inventory of all the assets with the District Court. That inventory should include the value of all assets at the time of their death.
The representative will need to pay the valid claims of any preferred creditors (funeral expenses, Kentucky taxes, federal taxes owed). Anyone else also has the opportunity to provide proof of payment for their own claim that will be considered by the court. Once those debts are satisfied and all taxes are paid, the remaining assets should be distributed according to heirs and recipients. Then, the personal representative is required to prepare a final settlement and send it to the court. This needs to happen at least six months from the time they were appointed, though an extension is possible.
Can a House Be Sold While In Probate?
Can you sell a house in probate in Louisville or do you need to wait until the process is over? The quick answer is yes, you can sell a house in probate. However, there are unique circumstances that come with the way the proceeds are disbursed.
If you are the estate’s executor, you can sell any real estate that is part of the assets, but only if it was not willed to a specific beneficiary. If the decedent left their house to their spouse or child, they must receive ownership of it. If they did not name their real estate holdings to a specific person, it’s possible to sell the house or property in the probate process in order to help offset the costs involved.
Once the house is sold, the proceeds are then applied to the probate costs and any debts related to the estate. The probate court then splits all of the remaining profits among the beneficiaries of the estate. This is absolutely something that Time Worthy Property Solutions can help you with. We buy Louisville houses in probate and we pay cash for them, making it simple to help offset costs and provide financial comfort to loved ones.
There are some caveats when selling a probate property in Louisville. You need to be clear about the jurisdiction involved. Assuming the property is in Lousiville, the Kentucky courts have jurisdiction on how the process works. However, if you’re trying to sell property located outside of the state, that state’s court has jurisdiction over the probate sale process. Out of state property sales in probate are doable buy can be tricky, requiring more time and money.
Another thing to be aware of is that you’ll need to make sure proper filing processes are followed with the courts, along with needing their approval. This process can take 45-60 days and perhaps even longer, depending on the specific situation. If you’re involving a real estate agent, that could tack on more time and fees to the process (which is why we don’t work with middlemen and agents).
Also, while the process is happening, the executor of the estate is required to continue paying taxes, utilities, and insurance on the house or property. That can really add up the longer it goes on, not to mention any commission fees that you’d have to pay to real estate agents. Time Worthy Property Solutions can cut down on those costs and the timeframe involved, to get you through the probate process with more cash on hand and without the hassles of dealing with a property you might not want.
If you want to sell a house in probate in Louisville, the steps are simple. Fill out the form on our website or call Time Worthy Property Solutions and let us know about the situation as well as the condition of the property. We will look over the information and then schedule a time to view the house or request more photos or videos (we can work with you in a socially distant manner).
Once we have all the information we need, we’ll formulate a fair offer based on the market and the home’s value. We can make that offer as soon as 24 hours after we have all the information we need. We’ll also show you how we arrived at our offer number and why it’s a fair deal for all parties involved. We won’t lowball you and we certainly want to be fair, honest, and upfront at all times.
If you decide to accept the offer, we can begin the closing process immediately, or work with you on the schedule that makes the most sense. You choose the closing date that works best for you. You don’t need to make any repairs, you don’t need to clean up, and you don’t need to worry about making any changes whatsoever. We will buy your house in probate as-is, which means the current condition as it currently stands.
Then, once we’re closed, we’ll pay the estate cash for the house, which can then be disbursed as needed. We’ll take the property off your hands so you don’t need to worry about it or pay for any further upkeep, and you get to have one headache removed from your situation.
The probate process in Louisville can be an emotionally draining one, not to mention a financially draining one. If you or your estate don’t have the means to take months for everything to be finalized, consider selling your house in probate to Time Worthy Property Solutions today and make your life a little bit easier. You’ll walk away with cash in your pocket and a fresh start at a time when you might need one most.