Updated: Nov 20, 2022
Well let's face it, there are a great many things that we as inhabitants of this wonderful blue marble must all endure, one being taxes and the other is most certainly death. Neither of these topics are fan favorites. We have argued and debated these two certainties since the beginning of time and to no avail we have concluded that there is no way around either. As unpleasant as both scenarios are, there is a remedy to satisfy some of the heartache, and frustration from such an unpleasant event.
During the time of mourning, I am sure that the family has no interest in discussing finances,
So of course, I would advise anyone who would listen to completely avoid this process by setting up life hacks-Failsafes. As a Licensed Broker and Lender,I would suggest that the family do commission a legal professional to create a formal Trust . That small investment early on will save the family countless hours of frustration and turmoil, a Will is helpful but is typically used to manage the proceeds in the Probate. The time and effort of creating a Trust could/will save you thousands of dollars.
Paying for an administrator, legal fees, etc can certainly deplete the dollars that have been earned by your now deceased loved one. There is no need to give away those hard earned dollars.
If I was a betting man, I would suspect the most people would rather avoid Probate all together , having the family home tied up in court proceedings can be an unpleasant affair and a mostly tedious task, not to mention expensive. Hiring a knowledgeable Realtor should not be one of those tedious affairs. Hiring the right Realtor and the right Attorney to manage your affairs are paramount in getting the Probate process wrapped up.
Tips: .Talk to a certified lender about Reverse mortgage, these mortgages are not only for the cash strapped , but offer some tremendous life benefits.
Ensure that all family members have come to an agreement as to who will be the Personal Representative before setting up the Probate meeting with the attorney.
Hire A lawyer that does seek out FULL Authority for the task
Ensure that the Personal Rep has funds to pay for potential court filing fees ( $$$$'s), that the Representative is responsible, has strong credit if possible (Bond may be needed).
Consult with a Realtor, have a Realtor on speed dial as you would an Accountant or Lawyer.
Look for Realtors That Know the Probate rules.
Obviously every file has some differences, our role is to make that part of life just a little bit easier.