If you are handling an estate or inherited house, are you overwhelmed? Not only is the process happening during a difficult time in the family, it can be confusing!
(Read some additional Estate information at our Estate FAQ page Here.)
We have bought houses from folks in your shoes, and we can help make it far less confusing. Let the team of experts smooth over the confusion and stress!
The Probate Process Simplified
- Someone passes away.
- There is a petition to probate, most likely due to assets owned by the deceased.
- A personal representative is appointed to handle the matters of the estate, and the estate is “opened”:
If the deceased had a will, an Executor is established.
If there was no will, the Probate Court will appoint an Administrator (usually the spouse or eldest grown child)
- Creditors, heirs, and the public are notified.
- Inventory of estate assets is taken and reported to the Court.
- Often, a TennCare Release is necessary to clear title to any real estate property.
- Debts and taxes are paid, and the surplus is dispersed to the heirs per the will (if applicable) or TN State law as default.
- The estate is “closed”.
“What is an insolvent or solvent estate?”
If the deceased owed more than they had at the time of passing, their estate is said to be insolvent. A solvent estate means there will be assets and money left over to the heirs / beneficiaries. Heirs are not financially responsible to pay the debts of the deceased, but it is expected that they make an effort to settle with as many creditors as possible with whatever resources the estate contains.
“What do I do?”
In most cases, your first step will be to hire a trustworthy attorney to facilitate the process. We are happy to recommend someone from our team, regardless of whether or not you have real estate to sell.
One of the advantages of working with our company is that we an help you navigate this entire process. Our closing attorneys know all of the ins and outs of probate. They are real estate experts and we work with them on all of our closings.
Trust the Years of Experience of Our Team
If you are wondering what your next step is, it’s never too late and it’s never too early to contact us. We will evaluate where the estate is at in the process and guide you to the finish line.
- Are repairs needed? We’ll buy “AS IS” so you don’t have to spend time or money.
- Does the house still need to be cleaned out? Don’t worry, we can help with clean out even before the sale of the house!
- Oh, the paperwork! Has everything been completed? You can trust our legal team to pinpoint and finalize any paperwork needed.
Take the next step towards finish line – whether that be closing an estate with property or passing off an inherited property – and call us at the number below. We’ll put together our resources to simplify the process for you and get you back to normal life.