The death of a loved one can be an extremely trying time for anyone. Not only do you have to come to terms with your loss, but you also have to consider the financial implications that come with planning the funeral. If you’re the executor of the deceased’s estate then you may have further issues to contend with, including selling real estate in probate.
Probate is the process by which the deceased’s will is proven to be valid. This process may entail making sure the owner of the will was mentally sound when they made the will and checking to make sure the things being given in the will are theirs to give. This process of probating the estate then continues with the executor being issued a receipt of probate. From this point, the issuing of inheritance can be taken care of, at which point titles, debts, and the like will be doled out to their new owners.
When the deceased owner passes their property on through their will, the executor of the will is in charge of taking care of any remaining property. For example, it falls to the executor of the will to see to the sale of the house if it isn’t given to anyone. Seeing as this can be a financial burden, the executor may be given a probate loan to cover the repair and maintain the home until it can be sold. After all, a home in good shape is much more likely to sell quickly. This inheritance loan will then be repaid after the sale of the inherited real estate, with the debt being taken directly from that profit.
The death itself isn’t the only stress to come from the passing of a loved one, though it may certainly be the most trying. Selling real estate in probate can be a long, arduous process. It can pose a real financial burden on the trustee or executor of the loan as well as the unwilling inheritor of the property. However, trust loans and an inheritance advance are two such options in place to ensure your loved one passing away is no more problematic than need be.