If you’re reading this article, you probably have a property in probate in Lexington, Kentucky. And for you to inherit a property through probate, then that might mean you acquired your property after a death occured in your family. But now that you’ve suddenly inherited a property in Lexington, KY, it’s understandable that you feel overwhelmed and don’t know what to do with it.
Here at Rylo Homes, we are ready to help you figure out what to do your Lexington home in probate. Should you decide to sell the property, we’ll take you through the entire process of a probate sale and tell you exactly what you can do to sell your inherited home in Lexington, KY.
But before you get in too deep into the selling process, you must first know the basics of a probate sale in Kentucky and what this means for you. In this article, you’ll learn all about probate laws in Kentucky and what you can do to ensure a profitable sale.
What is A Probate Sale?
When a relative, whether a parent, spouse, or other family member, dies without a will, it is known legally as dying intestate. The estate, or all the property left behind by the deceased, enters a legal process known as probate. The probate process is overseen by the court which strictly follows procedures established by each state. To complete the probate process, the administrator or executor will need to sell the property. The property will then be appraised to make sure it sells at market value. The proceeds from the sale will be distributed to the heirs after all debts and taxes, if any, are paid.
In Kentucky, specifically, probate is required in most estates. State law directs how the process is handled and how assets are equally distributed upon the heirs. Therefore, it follows that the person assigned to handle the estate is knowledgeable about current property laws and must know how to facilitate the probate process.
How Long Does the Probate Process Usually Last?
There is no set timeline for the probate selling process. The duration of the probate process can vary depending on the size of the estate and its complexity. Probate must stay open for at least six months as stated in the Kentucky Revised Statutes 395.190. However, it is also normal that the probate process extends from the period prescribed in law as there may be disputes and other delays. And if the estate is complicated, the entire probate process can even last a year or two.
How to Settle an Estate in Kentucky
Generally, settling an estate varies from state to state. And because there are nuances to the steps one takes as their home goes through probate, its important to become informed of what you might encounter throughout the probate process:
- A petition to open probate must be filed with the court. A hearing is held for the court to approve someone to act as executor.
- The executor has the job of notifying the heirs and creditors. They will need to publish a notification in a local newspaper.
- The executor also takes inventory of the estate and appraises anything valuable. They are given 60 days to complete this task and file the inventory with the court.
- The executor will file tax returns and pay any owed taxes. They will also pay any other debts that are filed against the estate by creditors.
- Once all debts are paid, the executor will distribute any remaining assets to the heirs. They may need to liquidate some assets in this process.
However, if you’d rather not go through the hassle of listing your probate home the old-fashioned way, you can always choose to sell it to a professional home buyer. Inherited property in Lexington, KY, can be sold to professional home buyers at fair market value. Professional home buyers buy your home in cash, fast. You can enjoy a fast transaction without having to worry about making renovations, repairs, or preparing your probate property for an open house, that way you can focus on more important matters following this unfortunate incident.
NEED TO LEARN MORE?
If you live in Lexington, Kentucky and are interested in selling your home, we can help here at Rylo Homes. We are a real estate solutions company that specializes in solving your real estate problems for you. We are cash homebuyers in Lexington, KY, and will act as your personal guide during your home selling process.
Our goal at Rylo Homes is to improve the overall quality of housing for the residents at Lexington, KY. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 317-8553 today.
