If not all, most of us have had to lay a loved one to rest. Dealing with the grief of losing someone close to your heart can be overbearing. First, the shock of the loss of a beloved family member, a parent or grandparent. Then reality kicks in, and you have to deal with liquidating the estate. Eventually the family is faced with the decision of selling the house on the market or potentially selling your house for cash during probate to a cash buyer.
Where do I go from here
It is important to determine if a South Carolina probate is required. And what protocols to follow in selling real estate in probate. “Probate is the legal process whereby a will is “proved” in a court and accepted as a valid public document that is the true last testament of the deceased.” In South Carolina, probate is required “when the decedent owns individually-held property without a beneficiary designation that exceeds a certain dollar amount.” To see more information on probates in South Carolina visit link.
Statistics of Americans without a Will
According to Forbes: “Incredibly, 51% of Americans age 55 to 64 don’t have wills, according to a survey released today by Rocket Lawyer, a website that offers low-cost legal services. Worse, 62% of those age 45 to 54 — and 67% of women that age — haven’t drafted wills. (These numbers are slightly better than for Americans in general; Rocket Lawyer says 64% of the public doesn’t have a will, up from 57% in 2011, but that figure includes people in their late teens and 20s, so I don’t take it quite as seriously.”
The legal executor of the estate
If the conversation of your loved one’s will never came up, a visit to the local court house will be your first step. According to LegalZoom,”The existence of a will becomes public information, however, when the testator dies. The executor files the last will and testament with the court where a probate judge determines the validity of the will and supervises will administration. Probate documents are open to the public for viewing.”
Whoever was designated in the will can request that the court appoint them to be the legal executor of the estate. A similar procedure for the family without a will is, a family member or interested party can petition to be appointed as Personal Representative of the deceased estate.
The purpose of becoming an executor of the estate after death is to begin the process of liquidation the estate. There are numerous steps to take thought the court and many petitions to come. This process can take up to a year and potentially longer depending on the size of the estate. Retaining a South Carolina probate Lawyer to assist in all the necessary forms may make this process easier.
How to sell probate property
As the Personal Representative, one of the largest responsibilities is to sell the house fast. Every situation is different, some families will choose to keep the house, and pass it on to the family; others will choose to sell or be forced to sell to either pay a partial amount to creditors or distribute the inheritance to remaining family members.
To begin selling the house, a petition must be filed with the probate court. This process takes time and money. To see a complete list of steps to follow in Greenville County, go to this link.
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