What is Probate Property?
What is probate property? Min Austria Assistant at Ascent Law LLC 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...