Disposing of a probate property: a quick guide
Receiving an inheritance is a mixed blessing. Often, it means that a loved one has passed away, and the administrative burden of sorting out a will can add to the grief. However, if done properly it can mean security for you and your family. This article will explore what your options are for dealing with an estate that involves property – and doing it in a way that doesn’t lead to stress, worry or even fear.
Issues with inheritance
Receiving a property in an inheritance is a way to build the wealth and security of you and the other loved ones left behind, but it’s also a sure fire way to sap your time. If you’re a busy person, dealing with the stress of visiting solicitors, sorting out bank statements and more can really delay you from dealing with the issue. Some probate cases can drag out for years, and you may find that in order to prove there are no other beneficiaries, you have to do some research and outreach.
There are also legal issues to contend with. If the value of the estate exceeds inheritance tax laws, for example, you may find that some of it has to be sold promptly in order to pay the tax bill. Or if the deceased made gifts in recent years, these could be subject to inheritance tax, so there is a lot of looking back through documentation to do.
What are the options?
If you’re an executor or a beneficiary and you’re finding the process of dealing with probate stressful, there’s a lot to be said for looking at your options. One option is to hire someone like a solicitor to do it for you, although this might not be straightforward. Often, the largest asset in an estate is a property. By selling the property quickly, you will be able to get a much clearer, cash-based picture of the value of the estate and the incomings and outgoings required.
To learn more about how National Property Trade could make this process easier, check out this link.