When people pass away, there are several processes that need to be completed before everything is settled. One of these is probate, which distributes the individual’s assets among their heirs. The following are the three most common outcomes for a house in probate.
The Will Dictates an Heir
The first likely outcome for a house in probate is that it will be directly passed on to an heir. In most cases, the decedent drafted a final will and testament before passing away. This document is legally binding, and dictates who will inherit each piece of their estate after their passing. If this document discusses their home, the courts can use that to transfer the ownership. This is the most common outcome of a home in probate. Usually, in cases like these, the individual’s surviving spouse, or one of their children inherits the home.
The Individual Doesn’t Leave a Will
While the first option is the most common outcome, there are always extenuating circumstances. One of these comes when the individual didn’t have the chance to leave a will before passing away. In this case, there is no legal way of knowing how the individual wanted their estate to be distributed. The courts then appoint an executor of the estate, who is usually a close relative of the deceased. This individual works with the courts to determine the proper distribution. In the end, the courts hope to come to the same conclusion that the decedent would have done in their will. This means that, once again, it is likely that their closest relatives will be the ones to inherit the home.
The Home is Sold
Occasionally, the decedent left behind some extensive debts before passing away. After their passing, the executor of the estate is tasked with settling these debts. If they are too extensive, the executor may decide, alongside the family, to sell the home. Because the home is still in probate, this process becomes more complicated. Every individual who works to sell the home has to be well-versed in the intricacies of probate, and everything has to be tracked and calculated correctly. Especially if the executor of the estate is still grieving the loss of a loved one, this is a big burden to place on their shoulders. Instead of dealing with these complications, it could be helpful to sell the home to a home buying company for cash. These companies will give you a cash offer on the home in any condition, saving you the time and money it would take to perform updates and repairs. They can also sell the home in a matter of days.
If you need to sell your home quickly, there is no better option than Prosperity Home Offers. This home buying company will buy your Charlotte home in any condition and give you cash for the home. Click here to learn more, and request an offer today!