Dealing With Probate House In Tucson
Have you been in a position where you have to deal with a probate house in Tucson, Arizona? If so, there are many options when dealing with a probate home. Lots have to do with family members on how the probate property will be sold or given to a family member.
Do you feel burdened by a probate property in Tucson, Arizona? We can help! Learn more about selling a probate property in our latest post.
When people hear the word “probate” they often feel immediate stress. Losing a loved one is hard enough, but when their properties and possessions become tied up in probate court, the situation can feel even worse. If you are the person in charge of the will, you might feel as if the weight of the world is on your shoulders. But don’t fret.
We Buy Homes In Tucson is a professional probate buyer who will answer any questions you have about selling your house during the probate process.
What Is Probate Exactly?
Probate is the distribution of a person’s belongings after their death. If you are dealing with a property tied up in probate, you know it can be a long and frustrating process. If there isn’t a specified heir, the property will need to be sold in probate court. Either the deceased or the court will nominate an executor to handle the process. This is typically the person’s closest living relative.
Once the house is sold, the proceeds will be split among the beneficiaries by the courts. The executor will also need to pay any debt, cash bequests, and fees. Not all properties will have to go through the probate process. With good estate planning, assets can be sold or passed down via a living trust. So check to see if there is a family trust so probate can be avoided.
Can You Sell A Probate House In Quickly?
Yes! You must be the executor of the estate, and have consent from all known heirs. Proceeds from the sale of the home will be used to pay debts, then divided amongst beneficiaries. The sale must be approved by both the heirs and the court in order to go through.
It is important you work with an agent or direct buyer who specializes in probate. You will need to know all of the ins and outs to make sure everything is handled properly. We Buy Homes In Tucson specializes in buying Tucson probate properties and we can help you end the process as quickly as possible.
How Much Can It Cost?
This will vary based on the size of the estate. You will likely be faced with court fees, transfer fees, document filing, and attorney fees. The fees for a good Tucson probate attorney can amount to thousands of dollars. The process can become very expensive.
Selling a probate property can be sold without any real estate commissions or fees. Plus can be a simple and easy process for everyone involved in the estate.
Why Sell Now?
The faster you are able to sell the property, the less stress and hassle you will have to deal with. Probate can take on average 6-9 months. By selling the house fast, you won’t have to deal with the long and lengthy process. A direct sale to We Buy Homes In Tucson can be completed much faster by comparison.
By selling quickly, you will be able to save yourself and your family a lot of stress. These situations can be difficult and can lead to increased arguments and bickering between family members. It is helpful for everyone to receive a fast-fair sale. It offers closure during a difficult time.
At We Buy Homes In Tucson, we have a thorough understanding of how the probate process works. It can be very stressful! Let us help you learn about your options! There is never any obligation!
Get A Fair Cash Offer On Your Home!
How To Avoid Probate Court In Tucson
Dealing with probate can be a long and frustrating process. Avoiding probate court in Tucson is worth the effort!
Nobody wants to have to go through the probate process. By planning ahead, people are able to avoid probate, giving their families the peace of mind they need when dealing with a sad and difficult situation.
Why Avoid Probate?
There are a number of reasons why people want to avoid probate in Tucson. First of all, there are fees. Attorney fees, appraisal fees, court costs, and executor fees can all add up fast.
Oftentimes, the executor will waive their fee in an effort to maintain fairness amongst the family. In addition, the probate process can often be very time-consuming. All of the assets and heirs will need to be accounted for, with proper notice being provided. Debts will need to be paid and settled before any inheritances are passed on to the beneficiaries. All in all, going through the probate process isn’t something anyone wants to deal with if they don’t have to.
Using A Trust
A person can set up a trust to ensure their assets will not be subject to the probate process. By setting up a revocable living trust a person can ensure items contained therein will not be subject to the probate process.
The trust will need to be set up while the person is of sound mind and able to decide for themselves what will go into the trust. The trust can be thought of like a bucket, all assets the individual wants to place in the trust will then be set aside and managed accordingly.
Joint Ownership
When a person buys a home with someone else, they can enter a joint ownership agreement. With the right of survivorship. the property is passed to the surviving owner, without having to go through the probate process. It’s important to set this up when purchasing a property as adding someone to the deed after the fact may cost money.
Designations
Many times when setting up a bank account or life insurance policy, you will assign a beneficiary. By doing this, these items will not be subject to the probate process. A few states will allow you to create a transfer-on-death certificate for real estate you own, transferring the property after you die. Be sure that you keep your beneficiary designations up to date.
Many people fail to make these changes after a divorce or after someone passes. This can lead to your ex getting everything or the asset having to go through the probate process.
Giving It All Away
Before you die, you can consciously “give away” the majority of your assets to family members or other beneficiaries. If you don’t own the asset when you pass away, it won’t have to go through the probate process. Many assets, specifically items worth 11k or less can be given away without any federal tax penalty. You can gift a person this amount once per year and in doing so, you can significantly reduce the value of your assets that go through the probate process.
Smaller Estates
In certain states, it can be easier to avoid probate if the person passing away has only a small estate. To be considered small, the amount of the estate will vary based on where you live.
It can be very beneficial for heirs to avoid the probate process in Tucson. Between the fees, costs, and stress, the process can be daunting and overwhelming. If you want to learn more about how to avoid probate in Tucson, reach out to us today!