When your loved one passes away it not only triggers a difficult time of mourning, but to add to this stress you may also have to deal with an estate that must go through the probate process.
While assets held in a revocable living trust typically avoid having to go through probate, but assets held in a testamentary trust must pass through the court system before they can be passed along to beneficiaries.
Probate can tie property up for anywhere between 18 months and three years. This drawn out process can be difficult on surviving family members, and even when the estate is resolved and the property transfers to the beneficiaries’ possession, it can be difficult for families to decide what to do with the home. You’re most likely not going to live in it all together, and if you already own a home it’s just another thing to deal with.
Did you know that you have another option aside from waiting for probate to come to resolution? You can petition the court system to allow you to sell the property, even before completion of probate. If the court grants permission, the proceeds are then distributed to the beneficiaries. This simplifies the process of dealing with the inherited property and allows you to move on more quickly, reducing the drawn out emotional strain and providing you with your inheritance funds in a timelier manner. Just be sure to check your state’s laws regarding proper procedure for this process.