What is Probate and How Does it Impact Real Estate?
Whether or not a deceased has a Will, as a general matter any property solely titled in the name of the decedent will need to go through a legal process known as probate.
According to a 2019 survey conducted by Caring.com, 57% of adults in the United States do not currently have proper estate planning documents like a will or living trust but 76% of those who responded stated that having a will is important. This spans across all income levels as a number of celebrities have died without a will including Aretha Franklin, Prince, Bob Marley and Sonny Bono.
The Complete Guide on What To Do When You Inherit a Home or Other Real Estate
Over the next decade the Baby Boom generation stands to inherit trillions of dollars from their parents and other family members. Not only will this include bank accounts, stocks / bonds but also a family home as well as other investment or business real estate. And in a number of cases, real estate will comprise a large percentage of the overall estate.
What to do when a loved one leaves you a house.
Figuring out what to do will impact not only yourselves, but also other family members that are heirs in addition to other beneficiaries in the will. Some may want to keep the property while others may want the cash proceeds upon a sale. These can be difficult decisions that the Personal Representative or Executor will have to face.
Inherited Property Real Estate Services – Case Study
Three Property Residential Portfolio – Delray Beach, Florida
This case consisted of a portfolio of three residential properties that was left in trust to two individual heirs, both of which were not local to the South Florida area. Quantum Realty Advisors, Inc. (“Quantum”) was referred to the heirs by the estate’s elder law attorney as well as a real estate attorney who assisted with the case. Quantum provided full service management and assisted the estate with the marketing & sale of all three properties.
At the commencement of this assignment, our team did a comprehensive assessment of the condition and marketability of all three properties. Each property was evaluated on an individual basis to determine its strengths and weaknesses how best to position the home to be sold for the maximum value possible. A written report of our findings was provided to the heirs along with a our opinion of value as well as recommendations on how best to proceed with the marketing and sale of the properties.
Prior to beginning any marketing efforts, our team coordinated cleaning and staging of the single family home as well as spoke with the individual tenants for the investment property in an effort to determine how best to show the property to prospective purchasers.