Real Estate Word of the Day: Probate
Probate is the court-supervised process of authenticating a deceased person's will (if one exists), appointing someone to administer the estate, identifying and inventorying the deceased person's property, paying debts and taxes, and distributing the remaining property as directed by the will or by law. Essentially, it's the legal process of transferring property from the deceased person to their beneficiaries or heirs.
When a property owner passes away, the ownership of the property doesn't automatically transfer to their heirs. Instead, the property becomes part of the deceased person's estate, subject to probate. The court oversees the transfer of the property's title from the deceased person to their beneficiaries or heirs. As part of probate, the deceased person's real estate holdings must be identified, inventoried, and appraised. This step ensures that the property's value is accurately determined before distribution to beneficiaries.
Probate also involves settling any outstanding debts and liabilities associated with the deceased person's estate, including mortgage payments, property taxes, and liens. These obligations must be addressed before the property can be transferred to beneficiaries. Once debts and taxes are paid, the remaining assets, including real estate, are distributed to the beneficiaries according to the terms of the will or the laws of intestacy if there is no will. This distribution may involve transferring ownership of the property or selling it and dividing the proceeds among the beneficiaries.
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