After an individual passes away, their assets go through a process called probate during which their estate is distributed among their heirs. The individual’s home is one of the assets that needs to go through this process. If a home is going through probate, the following will be the likely outcomes of the home.
An Heir is Named in the Will
A common practice among those who pass is leaving behind a final will and testament to state how their estate will be distributed. If the recently deceased individual left behind a will, it may have stipulated who got the house. The will is the legal document that the probate courts will refer to during the entirety of the process. If it mentioned who got the house, the courts will follow the document, and give the home to that individual. This is the most common outcome of the probate process. In this instance, the home will usually be left to the individual’s surviving spouse, or one of their children.
The Courts Decide
While the first outcome is the most common, an individual doesn’t always have a will created before they pass away. In cases where there is no will, a slightly more thorough process must be followed. During this process, the executor of the estate will discuss the home with the probate court, and decide on an inheritor together. The courts do this in the hopes of giving the home to the same person the decedent would have left it to. They take a lot of precautions to make sure the property goes to the best person. Often, the surviving spouse or one of their children will still be the one who inherits the home.
Sell the Home
If the individual left behind any expansive amount of debt before passing away, the executor of the estate may decide with the family to sell the home. If this course of action is taken, selling the home can be an extra burden on the executor. The complicated nature of the probate process makes selling the home more difficult. Everyone involved in the sale has to be familiar with the probate process and do things differently because of it. Instead of dealing with these extra complications, you can have a much easier time selling the home to a home buying company. Doing this allows you to sell the home in as little as 30 days without the complications of traditional home selling.
Dealing with a house in the probate process can be stressful and time-consuming. With each of these outcomes, the executor of the estate will have a lot to deal with. To help things go more smoothly, consider selling the home to a home buying company.
If you have a Knoxville home you want to sell, VolHomes is the company for the job. This company helps you sell your home quickly and easily, and can make things go much more smoothly. Click here to learn more!