What is Probate Property?
What is probate property?
Probate property is real estate whose ownership passes through the probate process. When someone dies, the executor files various documents with the court to transfer the deceased's assets to their rightful inheritors. In most cases, this includes assets like bank accounts, stocks, and bonds—things that are considered assets because they can be traded for money in one form or another.
However, real estate is a little more complicated than that: since you can't just trade real estate for money without having to go through some serious steps (and possibly pay fees), it doesn't qualify as an asset. Because of that, it goes through a separate process called probate.
I'll explain what happens when you have to go through probate property. You're going to have to hire a lawyer and file paperwork with the court stating that you're the executor of the deceased's will—whoever is appointed by the will or by law to manage the estate. The executor then transfers all of the remaining assets into his name and manages them until they're distributed among the heirs. To keep things organized, he has to publish a legal notice and hold a hearing where everyone can come to claim their share of the property. This can take several months or even years!
If you have any questions or need a Probate Real Estate Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
