The Process For Filing For The Will

If there has been a recent passing in the family and the deceased individual has left you assets within their will, you must follow a legal process to receive the assets left behind. This process is important and required for any type of asset including property, money, jewelry, or anything else appointed to you. In regards to the steps for which you must follow to receive the assets, you must go through the probate process which is the legal process a will must go through to establish its validity before the distribution of assets to beneficiaries. 

At the time of writing their will, the testator would have named an executor in the will who is tasked with moving the will through the probate process. Once this is completed, beneficiaries will receive the assets left to them. At Coldwell Banker Real Estate, we have years of experience helping individuals with the real estate probate process, as we strive to help people receive the properties left behind by a loved one. Contact us today to learn about how we can assist you!

Being The Filing Process

Once the deceased individual’s will has been located, it is time to begin the probate process. To start, the executor must be determined as this person will be responsible for the will through the entire probate process. If there is no executor named within the will, the person willing to take on the responsibility must have the court name them as the executor of the estate. 

It may be a good idea to hire a probate attorney to make the process go as smoothly as possible, as they will help guide you through every step of the way. Your probate lawyer will represent you as the executor and will help you deal with all of the paperwork and procedures required to distribute the assets found within the will. 

Furthermore, all heirs and beneficiaries named within the will must be notified that a petition was filed, as they have a legal right to object to or challenge information found within the document.

Asset and Debit Identification 

This step is where a probate attorney would be most beneficial, as the executor is responsible for identifying and disclosing all of the estate’s assets while providing an accurate valuation. These assets can include real estate, vehicles, investments, cash,  and much more. At this time, the executor takes legal control of the assets and they must inform creditors of the probate proceedings. 

Debt Payments 

The reason creditors must be notified about a probate proceeding is that they have a specific amount of time in which they can file their claims against the estate. All known debts must be identified and provided to the court because even in death, a debt must be paid. 

Once all debt has been identified, it is now time for the executor to pay off said debt using the assets identified earlier in the proceedings. This type of debt can include loans, mortgages, utility bills, credit cards, car payments, and anywhere else where money is owed. In addition, it is important to file one final tax return as any taxes owed must still be paid. Funeral expenses can also be taken care of using the asset funds available from the estate! 

Distribution of Assets 

If you have been awarded any kind of real estate within a will, now is the time when you will receive the property or any assets that remain after debts are paid off. The executor will distribute assets according to the testator’s wishes left behind in their will, as after all, this is what the individual wanted before passing away. Once all assets have been distributed and any further court proceedings are taken care of is when the probate process has come to an end. 

Hire A Real Estate Agent 

Although it may feel bittersweet to receive real estate from a loved one that has recently passed away, this property is now legally yours and you are free to do what you want with it. If you are planning to keep the property, make sure to take care of any legal documentation required to avoid future troubles. If you are planning to sell the property, it would be smart to have it appraised, and Coldwell Banker Real Estate is here to help. Our team of expert agents understands the housing market like no other, as we know what it takes to successfully place your property on the market so that it can sell as quickly as possible. Although we know that selling a property once owned by someone you love may be difficult if it is the best choice for you our team is here to full- heartedly assist you throughout the entire selling process! 

The entire probate process usually takes a few months to about a year, so it is best to get started as soon as possible. If you have received ownership of a property through a will and you are looking to sell, there is no better partner to work with than Coldwell Banker Real Estate! Visit us online or contact us to get started today!