Probate Sale refers to selling assets owned by the deceased to the public.
Probate Process
It is natural for a person to pass on their assets from one person to another. But, when a person passes away without transferring their assets, the Probate Court becomes involved.
The Probate Court is identifies the people who will receive these probate assets. To identify these people, the court will review documents, such as the Last Will.
The Last Will contains instructions from the deceased of what happens to their stuff after their death. But, if the Last Will is invalid or inexistent, the whole estate of the deceased will undergo probate.
The purpose of probate is to distribute all the assets of the deceased to the legal heirs and beneficiaries. Some assets are sold to complete the probate process, like pay debts or taxes.
Eliminate Probate
Probate and probate sale are both stressful situations for those left behind. Stop these situations from happening by creating a Last Will.
In a Last Will, you can nominate a Personal Representative to manage your estate. They can be your most trusted friend or family member.
To be sure, create a Trust to make it easier and smoother to transfer assets. Schedule an a free initial consultation to learn more about Wills and Trusts.