5 Things To Know About Your Renton Probate Property [Infographic]

***Probate Property Infographic Below

Dealing with probate isn’t fun for anyone. If you have a probate property in Renton, here are a few things you should know!

If you are dealing with the probate process in Renton, the process can feel confusing, overwhelming, and stressful. Many people are unaware of what could happen during the process and as a result they are scared.  The process is different based on the state you are in and on the estate value. However, do not fear, there are a couple of things that you can count on to stay the same. Keep reading to learn more about the things you should know when dealing with a probate property in Renton!

If you’re not too familiar with the probate process, you can check out this link here.

If There Isn’t A Will…

If there isn’t a will, the property will go into what is called intestate. Someone must ask the court to appoint them as the administrator of the estate. This is typically the spouse or child of the deceased. In some cases, the court can also be ruled the legal representative of the estate. A notice of hearing will typically be published, notifying any heirs and giving them the chance to come forward. At this time, creditors will also be notified of the death. They then have the  chance to come forward with a claim against the estate.

Time-Consuming

Probate Property Tip #2: If there isn't enough time.
Probate Property Tip #2: If there isn’t enough time.

In some cases, the property will be tied up in probate court for months at a time. During this time, the executor will need to attend hearings, validate heirs, discover assets, and pay off any valid creditors that have come forward. The courts can move pretty slowly, making the process drag on and on overtime. Some executors will claim a fee for their involvement in the process. This fee covers the time spent as well as any other fees incurred during the process. Many executors will waive the fee in order to make the process move more quickly and to keep the peace with other heirs involved.

Handling Claims Against The Estate

Often times when someone passes away, there will be claims of repayment against the estate. Creditors are notified upon the death either directly or an ad in the local paper. These creditors must then file their claims against the estate in a timely manner. Once the court has deemed the claims valid, they must be paid off by the estate before any portion of the inheritance is distributed to the heirs. The claims can be debts that have racked up over time as well as any final arrangements and medical expenses for the deceased.

Identifying Heirs

If there is a will, the heirs and beneficiaries will be clearly defined. If there is not a will, all living heirs must be found and notified of the death. The executor must see to it that proper notification is provided to anyone who may have a claim as a living descendent. If the court deems them to be a qualified heir, they will receive their inheritance once all other debts have been paid off.

Accounting For All Assets

Dealing with a probate property in Renton won’t be straight forward all the time. In some cases, it may be a challenge to account for all the assets a person owned. Things may not be laid out nice and neatly, especially if the death was sudden. The executor of the estate will need to do some detective work to make sure all assets are accounted for. In some cases, there could be investments, bank accounts, and other assets that only the deceased knew about. Family members can sometimes be surprised by what they find.

Dealing with the probate process can be stressful and time-consuming. Knowing what to expect can make the process go much more smoothly.

Contact us to learn more about ways to deal with a probate property in Renton!

5 Probate property tips for reference
5 Probate property tips for reference
Osa

I have always had one mission: To help people be conscious of what is happening in the world around them. At the same time, I have always had an immense passion for the real estate industry because I understand how much miseducation is out on the internet. As a result, I created Conscious Wealth Property Solutions, LLC. Our mission is to bring an end to false real estate information online and to help people be "conscious" about all the options that are available to them while selling their home.

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