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Posts Tagged ‘probates’

Many believe mistakenly that only affluent individuals should be concerned with leaving wills. If you care for your family and dependents, leaving your will or testament shall ensure that theyll be taken care of even after your death. Whatever money, assets and benefits you will leave behind shall go directly to the persons you care for the most.

1. What is a will?

A will is a signed written document that contains directives from the testator or testatrix regarding the disposition of his estate or possessions. The executor of the will, designated by the creator of the will, shall be the one responsible of ensuring that all terms and conditions of the testament are complied with.

2. What if you dont leave a will?

Bad things will mostly happen if you delay on making a will. No one can predict when death will come, so its better to prepare a will beforehand. If you dont, any of the following situations may happen:

Division of your property will depend on the decision of the government, and may be subjected to probate;

Your children may be given to foster care, if no legal guardian has been appointed and no relative is willing to take responsibility for them;

Any seriously ill dependent you have may not be given enough financial aid to fund for medical expenses

3. What is dying intestate and what does it mean?

When a person is said to die intestate, his property shall be divided in accordance to the law. This can happen in your case, not only when you havent made a will, but also when probate has been denied for your will, or your will didnt provide COMPLETE details about the distribution of your property. As a lot of complications can arise from dying intestate, its entirely crucial for you not only to make a will, but to also do so properly.

4. What is a valid will?

The will must be in writing its very rare nowadays for a court to accept a verbal will;

You must be of legal age if not, you must have proper legal counsel while creating your will;

You must be of sound mind the validity of your will can be challenged if anyone deems youre mentally, emotionally, or psychologically incapable of making sensible judgments about the distribution of your property;

Signatures You must affix your signatures on the proper places, and in the presence of two valid witnesses;

Witnesses There must be two witnesses for a will to become valid; anyone who stands to gain from your will cannot qualify as a witness; lastly, they must affix their signature in your presence.

5. What must a will contain?

While there is no prescribed format for you to adhere to when making a will, you must however make sure that your testament contains the following information:

Personal Details This includes but is not limited to your name and present address

Revoking of Previous Wills If you had made any will or codicil previously, your new one must include a statement declaring all previously made wills or codicils are now null and void;

Appointment of Executor/s You must appoint certain individuals to become executors of your will; choose those whom you deem utterly trustworthy because theyll be given total authority over the distribution of your estate upon your death;

Distribution of Estate Details about the distribution of the estate must be as specific as possible; Residuary Clause This section will ensure that distribution, in the case you have overlooked any part of your estate, will still be in order;

Signatures Yours and the witnesses signatures are necessary to make the will valid.

6. What is a probate?

Probate is a legal procedure that sometimes occur for proper distribution of the estate of a deceased individual; the probate court will then be given all rights to divide the estate as it deems fit. It is essential to probate the estate when the will contains any extraordinary condition; any will that doesnt give the deceased individuals spouse any rights or properties on the estate is a good example of a case where its necessary to probate the estate. Probate is a very costly process that can last as long as a year, or even more. To avoid your will being subjected to the decision of the probate court, you can opt to make a living trust instead. For the best results, always consult your lawyer before making any decisions about your will.

About the Author
For more great probate related articles and resources check out http://probateplace.info

Article source:
Understanding Wills And Probates

Probate is the legal process by which the estate of any deceased person is validated and executed. It can be a long and costly process for the sellers. Probate validates the Will, if one exists. It pays off existing creditors and distributes the assets to heirs and beneficiaries. The reason probate real estate bargains exist is that they are a part of the estate of a deceased individual. There is no legal hassle involved in buying such property. When you acquire property that is a part of an estate, you help the beneficiaries to settle the estate via a sale of assets. All the property, furniture, stocks, bonds, real estate, cars, etc have to go through probate.

Not all beneficiaries are interested in keeping and maintaining everything they inherited. The estate might also involve people who live in another city or even another state. They may not wish to relocate just to look after or inhabit property left to them. Sometimes, a house may be willed to more than one person. In this case, the property must be sold in order to ensure that everybody gets their fair share. Most beneficiaries who decide to sell would rather sell for less money immediately, than wait for much better prices. The attorney fees keep eating away at the final gains. So, you are likely to encounter very highly motivated sellers who would appreciate your help in getting on with their lives.

Trying to make a profit in foreclosures can be quite difficult. The foreclosure business has become quite popular recently. You probably end up chasing the same foreclosures and REOs that all your competitors are after. In many areas, it is very difficult to handle the procedures, even if you are interested, because of saturation. With a probate, there is no publicity or listing and hence, very few people would actually know where to find these properties. With probates, the person who knows the market is liable to profit up to 30-50% discounts.

When buying foreclosures you are very often dealing with people who do not really want to sell the property. The homeowner doesnt trust you and he feels that you are taking advantage of his misfortune. Foreclosures involve getting the homeowners out, which is not very pleasant. People who offer the properties in foreclosure could also be bankrupt at the same time and would prefer staying in their house, rent-free and delay the procedure. They also have others knocking on their doors and calling them at all hours and realtors promising them full equity and full price.

So they see themselves with many options and may not want to talk to you. The homeowner is losing the roof over his head and in some cases, can get quite nasty. In probate, the people do want to sell and the house is very often not their primary residence. So, you end up dealing with people who are not only motivated to sell, but also not highly stressed about it.

When someone passes away, their heirs are left with a very large responsibility in the form of real estate that many don’t like dealing with. If you can offer a reasonable price, a quick sale and a simple solution, they will be more than willing to sell to you. Trying to dispose off a property far away from where they live becomes very difficult for them. In most cases, they don’t want to hold on to the property and don’t want to figure out the logistics either. This is especially true if there are bills to be paid against the estate of the deceased.

Many people who are over 65 years old defer their property tax liability. When they pass away, these deferred taxes become due. The heirs inherit this tax liability and in many cases, like to turn the property into cash at the quickest possible time, to pay these taxes and other costs like Liens or Attorney’s Fees.

About the Author
Sell Your House Fast with As Is Now. We will buy your house in any condition for cash fast. Whatever the reason may be including to Stop Home Foreclosure Sell Your House Fast with As Is Now.

Article source:
Probate Real Estate vs Foreclosures