What Is Probate?

What Is Probate?

What is Probate? Have you inherited a house that’s in probate and not sure what to expect? I’m here to give you some insight on what probate is and what you can expect and why your home is in probate. Hi, I’m Rich Barnes owner, Broker of Realty Experts in West Allis, Wisconsin 53214 and I’ve been selling real estate for over 20 years. What is probate? It is a legal process that is required to sell property that is in a deceased person’s name. When in probate, the court gets involved at various levels depending on the situation. A person assigned to administer the estate which may very well be you, if you’re watching this video and that person is called the personal representative or PR for short. What you can also expect there to be an estate attorney to help with the legal process. And know that there are some substantial fees associated with completing a probate procedure. One of the biggest reasons an estate goes into probate as far as real property goes is the way that title was held. The best thing to do to avoid going into probate occurs before the owner passes. By working with an estate attorney, you can avoid probate by putting your assets including real property such as a home into a trust. A common misconception about probate is that people think that a will keeps property out of probate. That is not true. The will does allow the deceased to determine such things as who receives what as well as who will be the executor of the will. Continue to watch other videos in my probate series for more detailed info and free downloads on probate. Also be sure to seek the advice of a lawyer or an attorney as I am not one just giving helpful information on probate. I’m Rich Barns, Realty Experts and as always, you can rely on rich.com. Thanks, and you have a great day.

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