Inherited Property Sales With Luxe
Inherited property often presents many challenges through difficult life experiences. It often involves multiple family members, each with their own perspective and ideas on what the best course of action is for the property. Luxe is here to guide you through your options and provide insight to the family members and heirs involved in the inheritance of real estate property.
If you have inherited real property and are considering your options, we are here to help you better understand those options and provide answers to your questions in a no charge, no obligation consultation. We understand the challenges you are facing and are here to help you make the decision that is best for you.
- Probate Experience
- Explanation of Options
- Effective Communication
- Exceptional Resources
Probate & Inherited Property Insight
FILING the petition
The first step (if there is not a trust in place) in the process is to file the petition for probate with the court. We recommend working with a probate attorney to ensure that all required filings are processed according to the time limits established in your area.
Appointment of the PR
The court will review the petition and appoint a personal representative (executor/administrator) to oversee the probate process and manage the affairs of the estate.
Notification Period
The Personal Representative will notify the heirs, beneficiaries and creditors of the probate proceedings. Creditor notification often involves a 90 day waiting period. This is typically the time when the PR takes a full inventory of the assets; personal property, bank accounts, investments, real estate, businesses, artwork and jewelry and obtains appraisals as needed.
Paying the Debts
Once all debt notices are received, the PR will make all required payments from the estate. If there are insufficient funds to cover the debts, the state guidelines must be followed pertaining to the order in which certain payments are made often starting with taxes.
* It may be necessary to liquidate certain assets to cover debts that include; property tax, liens, other debt incurred by the estate.
* It is a good idea to discuss the estate debt with an attorney to determine if any debt reduction is possible.
Distribution of Assets
Once the debts are paid, the PR will distribute the assets to the beneficiaries as outlined in the will, or according to intestate laws of succession in your state if there was no will.
Final Accounting of the estate is filed with the court for review.
Objections or Challenges are filed with the court for review.
Court Approval and Closing after final review of the accounting and any objections.
Distribution of assets to the beneficiaries according to the will or state law.
Final Discharge by the court releasing the PR from further responsibilities.
Agent Discussion
When choosing an agent, it is best to choose one experienced in working with probate and inherited property. We specialize in working with heirs and estates and we understand the complexities that often arise.
We provide a no charge consultation with the beneficiaries to review the options and lay out the pros and cons of each option.
In a single heir situation the decision is often much easier as compared to a multi-heir situation when each receives a specific ownership percentage of the real property. Typical options include; selling the property and distributing the funds, holding the property as an investment asset. The best option often becomes clear during the consultation and we urge you to contact us to determine these and other options that may be available to you.
Communication
Agent Selection
Marketing
Luxe utilizes mass marketing campaigns designed to obtain the most and highest offers for a successful sale and handles negotiations, contracts, addendums, contingencies and other matters associated with the sale on behalf of the heirs.
Probate Information Flyer
Duties List for the Personal Representative or Estate Administrator
Probate Case Timeline Example
The information here is not intended to be legal advice and should not be treated as such. This is an overview of the process which varies by state and municipality. Be sure to seek legal counsel for all divorce, probate, and inherited property transactions. This information is only for real estate related issues.
We work with trusted law firms in Volusia County
