After someone passes away, their assets are distributed according to their Will or Intestate Law. This process is called Probate and it includes authenticating the Will, locating and determining the value of the person’s assets, paying final bills and taxes and then, finally, distributing the remainder of the estate to the rightful beneficiaries. Often, selling a home or other real estate investments will be required at this time. Here’s what you need to consider when selling a house during the probate process.
Probating an Estate
The first step that is taken when probating an estate is to make an application to the Surrogate Court in your province. The Surrogate Court handles all issues involved with Wills and the estates of individuals who pass away. The application prompts the court to order what the last Will of the deceased is, which will clarify who will acquire any assets of real estate. This court order, also known as the Grant of Probate, is required before any individuals can make legal decisions for the estate. In most cases, the process to receive the Grant of Probate can take up to three to four months.
In more complicated cases, it can take much longer to receive a Grant of Probate. Due to the complicated nature of the process, many individuals decide to hire a probate lawyer to help complete the probate process for them. Once an application is submitted, your probate lawyer will continue with the final order.
Limited Grants of Probate
In some cases, individuals may just want to sell certain assets of the estate they are now handling as quickly as possible to reduce the ongoing burden of maintaining the estate. This is where a Limited Grant of Probate comes in. A Limited Grant of Probate allows an individual to sell specific items, as necessary. The proceeds of that sale will then sit in the estate’s bank account until the final grant of probate is received.
Limited Grants of Probate are most commonly used to sell real property during the probate process to help reduce the financial burden of maintenance, insurance, etc. of a property. This can greatly reduce the financial burden on the estate.
Get Help With the Probate Process from a Lawyer You Can Trust
If you have been appointed Executor of an Estate, and you are looking to sell a home during the probate process, it’s important to work with a lawyer that understands both the Admin & Probate process as well as Real Estate Law. Contact us for a free consultation to discuss your matter so we can provide you with the support you need.