The passing of a loved one can be a difficult time for you. When that person died, they might have named you heir to one of their real estate properties. Probate laws that cover real estate in Lexington, Kentucky state that, unless assets are placed in a trust that do not need to go to probate, the court will either need to authenticate a will or, if there is no will, decide how to handle the proceedings and who gets what.
This can be a lengthy process depending on whether or not your loved one left a will as well as the complexity of the estate. At best, the probate will only take six months; at worst, this will take more than a year. Here are the options you need to know while the home is in probate.
The Importance Of A Will And Trust
Probate can be sped up if your deceased loved one had a will made before the time of their death. This provides the court with a sort of blueprint that indicates what the deceased left to their surviving family and friends, and it’s up to the courts to honor it. The court will authenticate your will and then authorize an executor (as stated in the will) to pay off your debt and distribute the remaining property as indicated in the will.
A trust can also prevent the lengthy process of a probate. If the property is part of a trust, it will bypass probate and be bequeathed to you.
What Happens If There Is No Will?
Probate becomes a lot more complex if your loved one did not have a will. In this case, it will be up to the court to decide who the executor is, which assets will be used to pay off remaining debt, and which person gets the rest of the deceased’s property.
In some cases, even if there is no will or trust, there will be some assets that will not go through probate. For example, if your loved one’s spouse is still alive and was a joint owner of their Lexington real estate properties, the properties will skip probate and will go to the surviving spouse.
Can You Sell Property While In Probate?
It is possible, but under certain circumstances. Only the executor of an estate (as stated by the deceased’s will or as ordered by the court) can sell property as long as it is not willed to a specific beneficiary. The executor will sell the property first to pay off the deceased’s debts, and then to split the remaining money to the heirs as indicated in the will or as ordered by the court.
Sell To A Professional Homebuyer
If you are the executor of your loved one’s estate, only you have the legal right to sell property. As mentioned earlier, this is to pay off your deceased loved one’s debts, and then any remaining money will go to the intended heirs.
You could put their property up for sale on the Lexington real estate market, but the average time it takes to sell property in Kentucky is 89 days (54 days to get an offer in the market, and 35 days to close). This can prolong the probate process. On top of this, there’s the additional costs of selling property on the market such as repairs, renovations, real estate agent fees, and closing costs. On top of the time and resources spent, there’s the emotional aspect of not having the time to grieve for your loved one’s death because of the attention you have to give this sale.
That’s why selling to a cash homebuyer in Lexington, KY is the more practical solution for executors looking to finish the probate faster. Instead of waiting an average of almost three months, professional homebuyers can buy your property in a fraction of that time. After scheduling a property viewing on the home, we can provide a fair, no-obligation, all-cash offer within 72 hours or less. If you accept, we can close escrow and transfer your money in as little as 14 days.
Contact Rylo Homes For More Information
Moving on from a loved one’s passing can be a difficult thing to do. This is why it’s best to minimize any delays that can come from probate. By speeding up the process, you and the rest of the deceased’s friends and family have time to grieve and move on from this loss.
Rylo Homes understands the urgency for homes in probate, and we’re here to help. Contact us today to learn more about our process and to schedule a property viewing.
