What is probate? A quick guide
When a family member, a next of kin or a loved one dies, it is of course a very difficult time. Adjusting to life without someone is hard enough – but then going through their estate and working out what needs to be done in terms of properties and estates can be even harder. In some cases, the latter task can be complex due to the legal stipulations involved. The whole process is governed by a set of rules called “probate”, and this article will begin to explore just what probate is, and how you can manage it effectively if you find yourself with a probate property.
The legal definition
Probate put simply, is the entire process of managing the estate of the deceased, and transferring assets from designated person to designated person. Often, the word is used to refer to a specific power that an executor of a will needs to apply for – known as grant of probate or grant of confirmation – in order to get the ball rolling. It also involves speaking to financial and legal institutions, such as the local authority, to inform them of the death.
Selling a probate property
There are often all kinds of reasons why a person might choose to sell a probate property as quickly as possible. The main reason is often that they want to realise the value of the property. There may be an inheritance tax bill to pay which requires cash, or an executor may want to ensure that each beneficiary named in a will receives their share.
There can also be an emotional dimension to it too. If a loved one has lived in the property, the thought of renovating it for a higher sale value may seem like too much to bear, although this is always an individual decision best made by each seller. However, exploring options for the quick sale of probate properties is common, and may be a wise move.
National Property Trade can assess the condition of a probate or other property and get it on the market as soon as possible. Learn more here.