How to Make the Sale of a Loved One's Estate Easier
Selling the estate of a loved one who has recently passed away may take longer than you anticipated. Before proceeding with the sale of the estate, several critical steps must be taken. This is because the court must sort through specific paperwork before the property no longer bears the deceased's name.
Before legally taking charge of your loved one's estate, you must obtain a letter of administration from the probate court. A probate court deals with wills and property. If the deceased leaves a will, you must contact their attorney, who will carefully analyze how the estate will be transferred.
Working with an attorney will make the process go more smoothly. However, this article will discuss a few methods for making the sale of your loved one's estate easier.
- Find the Will, File With a Local Court: Most people who have properties ensure that they have a will so that there won't be issues after they have passed on. While it is important to leave a will behind, many people die without leaving one. If your loved ones did not leave a will, you must file with a probate court to notify them of the lack of a will and the actions you wish to take. If there is a will, you must find the will, contact the attorney in charge, and then make efforts to settle all documentation attached to the property. If the will is named to one of the children of the deceased, they have to be willing to sell the estate before the process can move forward. The attorney cannot change the name of the person to whom the property is willed. However, if the person agrees to sell, you are ready to move on to the next stage.
- Work With a Real Estate Company: Working with a real estate company will save you the stress of having to study how the market is and what kinds of estates are currently selling. With real estate agents, estate sales are more seamless. Real estate companies will help you list the property on their website, upload clear pictures of the property that would attract potential buyers, and also ensure that you get the best bid for your property. Since you have never sold a property before, you should employ a professional in the business to help you oversee the sale and legal transfer of the property.
- Notify All Agencies: Following the death of a loved one, you must notify all agencies registered with the deceased's address about their passing. The post office, utility companies, banks, and credit card companies must be informed that the deceased no longer resides in the house. This would assist agencies in erasing the address from their systems and preventing bills and mail from being sent to it. If this is not done, you will be unable to sell the property. All agencies associated with the address must be notified of the change in ownership before a property is listed on the real estate market. They can reconstruct the deceased's information once they are aware.
- Pay All Bills: After notifying agencies linked to the property, you must ensure that you pay all pending bills. If utility bills are pending, ensure that they are cleared. Before contacting your real estate agent, inquire about any outstanding property payments and ensure they are cleared. You don't want to sell a property that has pending bills to be paid. You must also deal with all taxes linked to the property. Working with an attorney would make it easier to find an inventory of bills and taxes linked to the property. After you have cleared all of these, you can move on to the next phase.
- Take Good Care of the Asset: Another essential thing you must do is to keep the property well maintained. Since you already know that you want to sell the property, you have to keep it in good shape so that it can attract potential buyers. Ensure that everything that needs to be fixed is fixed. If anything needs retouching, ensure it is fine without leaving too many signs.
You must also ensure that you secure small valuables like artworks, sculptures, and other things that could add to the property's value. It is also essential that you keep everything of value insured. Taking good care of the asset would help you increase its value in the real estate market.
It is not easy losing someone dear to the heart. However, some things cannot be changed. After the demise of your loved ones, they expect you to put things in order. You are responsible for ensuring that all their properties and valuables are well taken care of. This would not be easy if you did not contact a lawyer. It's better if your deceased loved one leaves behind a will and an attorney who will oversee it. However, if the deceased is intestate, you must contact an attorney to help with the proceedings.
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