After the death of a loved one, the last thing anyone wants is to think about the distribution of the deceased’s belongings.
Thousands of people spend millions of dollars annually on attorneys, a real estate agent and unnecessary court fees and closing costs associated with the probate process.
According to LexisNexis, around 55% of American adults do not consider estate planning or leaving behind a will.
However, having an estate plan helps you during the difficult time of your loved one’s demise.
If you want to sell the deceased’s assets, such as selling a house fast in Fort Lauderdale, Florida, or elsewhere, this article can help you. It explains the probate process and steps you can take to avoid it.
What Is A Probate Process
Probate is a legal, judicial procedure in which an executor (if a will exists) or any other interested party (if there is no will) proves in court where the assets and debts of the deceased will go.
Probate Process Steps
Here are some key points to better understand the process.
- It is a legal process where a deceased individual’s assets are reviewed
- The assets are distributed to the determining inheritors
- Probate can be proceeded with or without a will
- Probate is necessary, especially if a deceased person’s assets are higher in value, even if there is a will
- An inheritor can avoid exorbitant probate charges and complications by authenticating or using the deceased’s property with the help of local home buyers in Fort Lauderdale, Florida, or anywhere else in the States
Why Should You Avoid The Probate Process?
Probate is a straightforward process. However, most people believe that it is best to avoid it.
The probate process prevents you from selling a house fast with a lower cash offer from people that are looking to buy houses.
The reasons can vary, but below are some common explanations:
You Need To Sell Your House Fast
Most people dread initiating the probate process in Fort Lauderdale because finalizing a home selling process can take a few weeks, up to months or, in some cases, even years to pay cash.
This is because determining an inheritor or contested cases makes the process more complex. Most inheritors hope to sell their home as is in the local market for fair cash offers. This is impossible until the probate process is complete.
It is advised to sell your house fast in order to get a better cash offer, and probate processes make it difficult to sell quickly in Fort Lauderdale.
Experts believe that taking steps such as hiring your own agent or getting the help of a top real estate agent can make all the difference when it comes to selling your house quickly.
Unnecessary Closing Costs
Court costs, closing costs, and attorney fees can vary from state to state. However, starting a probate process itself is highly expensive.
Many unnecessary fees go into the proceedings, such as; attorney fees, executory costs, administrative expenses, appraiser’s charges, etc.
These expenses tend to increase if the probate process drags on. These costs may be a matter of a few hundred dollars, but this can lead to bigger problems.
Waiting an extra day to sell a house to real estate agents or cash buyers can drastically impact the market value. leading to sunken costs.
Most inheritors that are looking to sell their house fast in Fort Lauderdale are in the hopes to buy houses in order to reinvest in real estate.
In order to get the maximum benefit, it is essential to sell your house fast to get a better cash offer and, in turn re-invest in Fort Lauderdale.
Since the probate process is a matter of state legal court, everything that happens during the probate court goes into the public record.
As a result, people’s biggest concern is avoiding the process.
In a nutshell, inconvenience, cost, and time are good reasons to avoid the probate process. You need to find a way to inherit quick and sell your house fast to get a fair all-cash offer.
How To Avoid The Probate Process
As mentioned above, the probate process is time-consuming and lengthy. It restricts the bank accounts and transactional activities of the heirs.
Furthermore, it can even constrain the selling process if you want to sell a Fort Lauderdale house fast.
Depending on the complexity of estate planning, this process can take months to years to finalize, leading to high costs.
Therefore, avoiding probate can be cost-effective and time-saving. That said, here are some better ways to transfer the deceased’s assets:
1. Deeds For The Estate Property
The surviving person of the deceased is likely to need assurance about not being evicted.
If you plan on living at home after the death of your loved one, you can contact the nearest real estate agent and get the ownership transferred according to the property dead and state law.
You can also sell your home for a cash offer if you do not want to live there. There are many companies that buy houses and pay cash.
It can be a great move to start a new chapter of your life. It is advised to get real estate professionals involved when looking to sell a house fast in Fort Lauderdale and get a cash offer that is equal to the market value.
Moreover, depending on the state rules, there are other ways to achieve homeownership. Selling a house fast in Fort Lauderdale can be tricky in this regard.
There are ways by which you can sell a Fort Lauderdale house fast without having to go through probate.
Options to avoid probate proceedings
The three ways of ownership to avoid the probate are:
- Joint tenancy
- Tenancy by the entirely
- Transfer on death deed
These methods allow you to instantly get ownership without having to go through the entire process of probate.
Once you have ownership, you can sell your house fast for a cash offer from someone that is looking to buy houses.
2. Establish A Revocable Living Trust With A Real Estate Agent
Establishing a living trust is an excellent choice to avoid probate. You can create multiple revocable living trustees who will be the owner of your assets after you die.
This is good for an individual that is a keen real estate investor and tends to buy houses during their lifetime.
Living trust entails legal documents highlighting how assets will be distributed to people, companies, or organizations after one’s death.
Similar to making a will, this method allows you freedom and control over who should own your possessions, resulting in your inheritors to sell your Fort Lauderdale house fast and get a better cash offer.
However, after you die, the trustee or trustees get full ownership of your assets. They control your property and are obligated to distribute it according to their terms.
This can simplify the process of selling your house fast to prospective buyers in order to get a cash offer.
3. Register For Pay-On-Death Account
Another method to avoid the probate process is to convert all your bank and retirement accounts to payable-on-death accounts.
As a result, when you die, all funds in your accounts are deposited into a beneficiary’s account without probate proceedings.
You can register yourself for a POD account by filling out a legal form in which you list your beneficiaries.
You can also do this for other security assets, such as property and vehicle registrations.
Most states now also offer transfer-on-death real estate deeds that provide an immediate cash offer on houses. These registrations become effective after you die.
4. Choose A Small Fort Lauderdale House
One of the most effective ways to avoid probate is to keep your estate small. Most states allow the will to accelerate the probate process in situations where there is a small estate.
A small estate can sell quickly, and inheritors can get a large number of cash home buyers willing to make a deal.
5. Give Away The Assets As Gifts
Giving away your assets, such as property, vehicle, etc., as a gift while you are alive is another excellent way to avoid a probate process.
There are a number of methods to gift or sell your assets while you are alive. You can lease the home to HomeVestors in advance for cash. As a result, no assets will be left behind when you die.
Selling A Home Fast In Fort Lauderdale Made Easy
There are many helpful ways to avoid probate processes today to secure your heirs’ inheritance in the future.
A probate not only makes it difficult selling a home fast you can also be forced to wait for extended periods of time for a closing date and pay exorbitant closing costs.
This impacts the cash offer leaving you with not enough capital to buy houses from your inheritance.
To gain more clarity about the probate process or if you think that “I need to sell my house fast” or “I need cash for my house fast, Fort Lauderdale, Florida, get in touch with Fast Choice Home Buyers.
Our team of experts and real estate investors will not only help you bring a fair cash offer that is in line with the market value but also help you reinvest and buy houses to help you capitalize on your inheritance.
Whether you are looking to buy houses, contact cash home buyers or looking for Fort Lauderdale property, we have got you covered. Our real estate investors will get you cash buyers and sell fast so you can reap the maximum benefit.