Sell My House in Probate
I need help with probate. I want to sell my house in probate.
Welcome to Asheville Cash Buyers. If you’re wondering, “how can I sell my house in probate?”, you’re in the right place. A probate property often brings challenges that are hard to resolve. You’re dealing with emotions and legal aspects of the process. And that’s why it’s so difficult to sell or manage probate assets in Asheville. If you want to sell your probate property, we can help with probate. We buy houses in Asheville, and we can buy your inherited property for a fair cash price.
It doesn’t matter what’s the condition of the home. Some properties require all kinds of repairs because they were not maintained. Sometimes, you live far away, and you can’t handle all the legal matters. You can’t be there to clean the property and arrange the sale. That’s okay.
Need Help With Probate? We Can Help!
We buy probate properties, and we can handle these issues for you. For example, you can sell your house fast to us without repairs: no cleaning. Our team can also buy your inherited home if you live out of state. We have the means to handle the sale and get the cash to you without you coming over for sale. That structure works for most clients as you have a busy life. You’re dealing with emotional loss, and it’s just not fair to put another task on your plate.
That being said, you’ll still need to do some work related to the probate in North Carolina. However, having someone experienced can help you a lot. So if you need help with probate, we can guide you in the right direction.
Here is a detailed guide to help sell your probate property in North Carolina.
What is Probate?
Probate is a legal process involving the assets of someone who has died, known in court as a “decedent.” If you’re the heir or beneficiary, you need to prove your rights to those assets.
Basically, the probate process proves the validity of the will and ensures that it is settled and carried out lawfully, with all assets divided as the decedent intended.
Dealing with a probate property can be an incredibly difficult situation as it is complicated and often involves emotional attachments. There are a variety of factors that add to the complexity:
- You may not want the house or property
- The inheritance was unexpected
- You aren’t prepared for the costs or probate tax
- You are having disagreements with other heirs or family members
- The grief of your lost loved one is overwhelming
- You’d prefer to sell the house for cash now
- You just want the process to be over, and you need help with probate in North Carolina.
It’s important to know all the details before you make a decision with your probate property. We’ve prepared this guide, but if you’re dealing with probate in Buncombe, Henderson or Haywood county or have North Carolina estate law questions and need assistance, contact us!
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How to Prepare for Probate Process in North Carolina?
Here are a few steps you need to take:
- Do you have the will? This legal document is key in a probate court, as it outlines the property distribution. Find the original document or ensure that it’s in a safe place. If the decedent didn’t have a will or you’re unsure about the will, that’s ok.
- Next, get the assets together with documentation. You are the executor or fiduciary (trustee) of the will, so you are responsible for finding and securing the property outlined in the decedent’s will. If you are unsure whether you are an executor or not, you should still work with family members to make sure the property is secured – for example: lock the home, clear any valuables and move them to a safe deposit box, and create a list of assets that all family members agree upon. Documentation and communication are vital here.
- Who is involved? Identify and locate everyone named in the will as executors, trustees and beneficiaries.
I Want to Start the Probate Process in Asheville
Do you have the will? This will be referred to as a “testate” probate. File it at your local county Clerk of Court.
Where do I find the probate court? Well here is the hint.
In Buncombe County, probate court is in Asheville. In Henderson County, probate court office is located in Hendersonville. In Haywood County, you’ll find it in Waynesville. If you’re not in Western North Carolina, find the county courthouse and go from there.
How long do you have to probate a will? Make sure to file the will within sixty days of the decedent’s death. If you don’t, creditors and others named in the will may apply for probate to take possession of the assets.
Don’t have the will? This is known as an “intestate” probate. You can still file for probate, and the court will divide property based on the laws specific to that issue. Look into North Carolina inheritance laws for more information on how to handle intestate property. Or contact us here, and we’ll guide you from here.
How Do I Send Out the Formal Notification to Everyone?
If you want to sell your probate property or if you want to begin the process, you need to inform others. Here is how you do it. Again, if you need help with probate, please don’t hesitate to contact us.
You have to notify every person the decedent named in the will (or resulting from intestacy statutes).
You must publish a notice to creditors in the local newspaper in accordance with North Carolina state law. This gives creditors a set amount of time (at least three months) to file a claim on the estate. If their claim is valid, you must pay them from the estate’s assets. You can also contest invalid claims. If creditors don’t file a valid claim within the time-frame, they are barred from filing claims in the future.
- Clerk of Court – Provide Inventory
You have ninety days to provide an inventory of assets to the country clerk of court. This includes assets that may not apply to probate, like IRAs, life insurance policies, and jointly-owned property. When you provide the inventory, be prepared to pay a fee.
You want to sell your probate property? You’ll need to do a lot of paperwork. (Not for the sale itself but for the probate work.)
You may want to get a new file cabinet for all the documents you’ll need to keep track of! These documents serve as official record in your inventory and/or final account, and you may need to submit them to the clerk of court.
- Bank and Investment Accounts
You’ll need statements from the decedent’s bank account(s) showing the date of death balance. You should also obtain subsequent statements, the signature card, and copies of all checks that are cleared after death (these are often attached to the statements).
- Life Insurance and Annuities
If the decedent owned life insurance policies or annuities, you’ll need documents that provide the details. This includes the decedent’s cost basis, the date of death value, subsequent statements, proof of beneficiary, and the final liquidation amount. As we mentioned, these are not probate assets, but they are still required in the inventory.
- Tangible Personal Property
Make a list of the decedent’s property with the total fair market value. This can include jewelry, art, furniture, sports equipment, memorabilia, and tools, so this process may be complicated. Make sure to look in storage units and other locations the decedent may have stored their property.
- Real Property
This refers to homes and land – the type of property we at Asheville Cash Buyers deal with on a daily basis. Create a list of property and make sure to include complete legal descriptions, copies of deeds and relevant filings. If the decedent was paying off a mortgage, obtain records showing the amount and holder.
List vehicles the decedent owned independently and jointly. Although jointly-owned vehicles do not need to be probated, you still need to make a record of them for the inventory.
- Mineral Interests
A mineral interest is the real property interest created in oil and gas or other minerals separated from a property. Compile a list of any mineral interests the decedent owned, including the states in which they owned the interests, the deeds demonstrating the decedent’s ownership, any documents relating to leases or payments received. You may need an ancillary estate for out-of-state interests.
Make a list of any joint ventures, partnerships, limited liability companies (LLCs), corporations, or similar which the decedent owned. You are now a legal, fiduciary owner of these, so review all corporate by-laws, LLC operating agreements, partnership agreements, etc.
Gather the paperwork for any trust agreements the decedent held interest. An attorney can help you understand how to proceed with these.
- Intellectual Property and Royalties
Have your lawyer help with these, too. Copyrights, patents, trademarks, royalty or like agreements the decedent owned can be tricky, so make sure you have all the documentation available.
You’ll also need records showing that you gave notice to creditors, paid appropriate and outstanding personal income and estate taxes for the decedent, and have generally covered all financial and legal bases.
Sell My House in Probate in North Carolina
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Sell My House in Probate in North Carolina
It feels overwhelming to go over all the details. The process takes a couple of months, and it’s not without stress. If you are saying, “sell my house in probate,” or you need “help with probate,” we’re just a call away. Our team can simplify the entire process for you. In fact, we can buy your inherited property for a fair cash price.
We buy houses in North Carolina in all conditions: foreclosure, probate homes, inherited properties, vacant and tenant-occupied homes…We gladly invest in homes that need repairs: mold, fire & water damage, poor maintenance, outdated properties…It doesn’t matter what’s the condition of the property. We can buy an inherited home in any situation.
Furthermore, we have experience in the local market, and we can help you navigate the complicated probate process. With our help, you can expect a fast closing. That will help you clear any debts and pay the shares more quickly. You can also feel the relief, as we will buy in as-is condition. You won’t have to deal with clutter or old items. You can pick what you need, and we’ll clear out the place for you. And if you need any other help, we’re here for you.
You Can’t Hurry Probate in North Carolina
Administering an estate can take quite a long time. While some estates can be resolved quickly, others take years. During that time, you (the executor) are responsible for managing the estate’s assets well, keeping beneficiaries informed, and answering to the court.
Keep in mind that you are subject to a variety of legal duties, and failure to carry out these responsibilities properly can subject you to personal liability. That’s why finding assistance is a great idea – seek legal help, perhaps a financial planner, and maybe share duties with a trusted family member or beneficiary. You don’t want to risk loss of assets or additional legal proceedings.
- Be prudent. That means you must be wise and plan ahead when managing these assets. According to North Carolina probate law, the Prudent Investor Rule states that when acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property for someone else (including a decedent), you must act with a high standard of judgment and care. The law holds you to act like an “ordinarily prudent person of discretion and intelligence” would – so if you don’t know how to proceed, ask for help. If you have special skills, you’re under a duty to use those. For example, if you were appointed a fiduciary because you’re an accountant, don’t ignore your financial responsibility.
- You can be reimbursed for this work via fiduciary compensation – save your receipts! Because serving as an executor requires work and entails considerable legal liability, North Carolina law provides that fiduciaries are entitled to compensation. Under N.C.G.S. §32-59, “unless otherwise provided by the General Statutes or by the instrument creating the fiduciary relationship, fiduciaries other than trustees under a trust shall be entitled, upon written request to the clerk of superior court, to reasonable compensation in an amount to be determined by the clerk.” You can also receive reimbursement for expenses you paid for during the process.
Approximately one year after your qualification for probate in North Carolina, you will submit a Final Account. You’ll pay the appropriate fees and the court will, once the estate is confirmed settled, release you as executor.
We can help with probate in North Carolina. Contact Asheville Cash Buyers via this form to begin the probate process and we’ll assist in any way possible!
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Right now, our team can help you with any house in Buncombe County, Haywood County, or Henderson County in North Carolina. Whether you are dealing with evictions, probate, foreclosure, or repairs, our team has a solution for you! Give us a call today to learn more about what we can do for you! 828-222-6443