When someone passes away, the living family members or close friends are often times left wondering what happens to the remaining possessions. In such situations, one may seek the help of full service real estate realtors to resolve the issues. Upon someone’s death, a case is opened and sent to the county’s probate court office. Then, depending if the person had a last will and testament, the estate will be distributed. The process of finalizing a person’s estate can take anywhere between nine to 18 months or longer, depending on the court’s schedule and case load.
Deceased doesn’t have a Will
Unfortunately a majority of Americans, more than 60 percent, do not have a last will and testament. If this happens, execution of the estate could take longer. The court appoints an administrator to the case, who becomes responsible for identifying living family, paying final expenses, locating and distributing assets and debts. In Indiana, the court-appointed administrator can also select a spouse, domestic partner or an adult child to become the estate’s personal representative. State law will eventually dictate how assets are divided.
Deceased does have a Will
If a last will and testament is available, it needs submitted to the county’s probate court, where a representative will be assigned to file the deceased’s will and estate. At that time, any owed debts can be collected and assets are safeguarded. Liquidation of assets can take place to pay debts if necessary. Once all taxes and final debts are cleared, the court-appointed representative will file a petition so beneficiaries can receive approved assets.
What to do with the Real Estate
If the deceased owned a home or other real estate, it’s important to find a realtor that understands the probate process, including the lengthy timeline it may require to clear the estate of any legal or financial cases. Taxes on the property need paid, as well as regular care and maintenance if there are plans to sell the property. Experienced realtors are familiar with different options available for homes in the probate process, and can help friends and family navigate the process.
Before a “For Sale” sign can go in the yard, the estate’s representative needs to provide final tax letters, State and Federal, showing all taxes are current and debts are paid. At that time the realtor can offer guidance in preparation for listing the property. Auction companies, trash removal, repair work, landscaping and more may be needed before the listing is active.
Losing a loved one is difficult, and managing the remaining assets and property should be handled with care and respect. The court works with families and friends to provide the best outcome, and trusted realtors can assist with finding the best solution with any remaining real estate.