Dealing with Investment Property in Probate: How Long do you Have to Wait?
Can you deal with investment property when it’s in probate or do you have to wait for the process to unfold? When someone dies without making legal arrangements for property to pass to heirs, the estate is usually subject to probate. The representative of an estate has no power to act probate is opened and the court grants such authority. If there’s a will and you’re connected with the person in charge (or executor), in most cases you might be able to begin after the probate process has begun—depending on the state in which the property is located, and as long as you follow protocol.
Please know that the information shared in this article is meant to provide a basic understanding of the probate process as it relates to real estate. Guidelines vary from state to state and may change over time. Probate is no picnic and can be avoided by drafting a living trust or will. Even when you think your assets are minimal, planning ahead will save your loved ones the stress of dealing with probate when they are also grieving. Click here to learn more about probate.