Inherited Houses and the Probate Process
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Probate is the process of determining the validity of a deceased person’s will. It is a legal process that settles the deceased’s estate and ensures that distribution of their property is supervised. During probate, a probate court proves the will to be valid, interprets any instructions left in the will, determines the executor of the estate, resolves any claims to the deceased’s property, and distributes assets to the will’s beneficiaries.
The probate process often involves an inherited house. If an inherited house is left to only one person, after legal ownership is verified by the probate court, that person takes sole ownership of the house and is legally allowed to occupy, rent out, or sell the house. When an inherited house is left to two or more people, all legal owners of the house must agree on how the inherited house is to be used. In these cases, the inherited house is usually either rented out or sold, with the profits being distributed equally among the beneficiaries.
The probate process helps ensure that all owners of an inherited house are represented and allowed to receive their inheritance, but it does not oversee the sale of an inherited house. Rather, the probate process makes sure that all owners of the house are legally recognized as owners, so that they must all legally agree to sell the house and receive equal profits from that sale.
Selling an inherited house to a homebuying company is an excellent option for multiple inherited house owners, because one person isn’t left doing all the work to sell the house while all owners are ensured equal profits from the sale. Instead, the homebuying company does the work, freeing up time for the deceased’s beneficiaries to grieve and deal with the rest of the estate. The homebuying company buys the inherited house in cash and the beneficiaries receive profits from their inheritance.
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