When someone dies and leaves behind assets, it is necessary to ensure that the assets are distributed in accordance with the deceased’s wishes and the applicable inheritance law. Probates can be rather complicated, especially when real estate is involved, which is why buying a property with cash can make the probate process much less stressful if the property needs to be sold.
The process normally begins with the executors gathering together the necessary documents, such as the will, and having the documents reviewed by a probate attorney. The attorney will ensure that the will is legitimate and submit the necessary application to the probate court. The court will then issue a certificate giving the executors full rights to dispose of the estate in accordance with the will.
When real estate is involved, the process becomes more complicated. A house or land is very different from other assets because there is often a lot of paperwork involved in a real estate purchase.
When you purchase a house using a conventional mortgage, the bank will issue a deed, but since the house is normally the collateral for the mortgage, the bank will hold on to the deed until the mortgage is paid off. If the homeowner dies, the executors must go through the stress of searching through the deceased’s financial records to provide proof that mortgage payments have been made on the property. They will then assess what the equity is on the property.
However, if a house is purchased with cash, there is no mortgage, which means that the owner is entitled to hold the deed to the property. The deed should be kept secure with other important documents, such as the will, to make it easier for the executors to find everything and prepare the paperwork for the probate attorneys.
When someone dies and leaves behind assets, it is necessary to ensure that the assets are distributed in accordance with the deceased’s wishes and the applicable inheritance law. Probates can be rather complicated, especially when real estate is involved, which is why buying a property with cash can make the probate process much less stressful if the property needs to be sold.
The process normally begins with the executors gathering together the necessary documents, such as the will, and having the documents reviewed by a probate attorney. The attorney will ensure that the will is legitimate and submit the necessary application to the probate court. The court will then issue a certificate giving the executors full rights to dispose of the estate in accordance with the will.
When real estate is involved, the process becomes more complicated. A house or land is very different from other assets because there is often a lot of paperwork involved in a real estate purchase.
When you purchase a house using a conventional mortgage, the bank will issue a deed, but since the house is normally the collateral for the mortgage, the bank will hold on to the deed until the mortgage is paid off. If the homeowner dies, the executors must go through the stress of searching through the deceased’s financial records to provide proof that mortgage payments have been made on the property. They will then assess what the equity is on the property.
However, if a house is purchased with cash, there is no mortgage, which means that the owner is entitled to hold the deed to the property. The deed should be kept secure with other important documents, such as the will, to make it easier for the executors to find everything and prepare the paperwork for the probate attorneys.
When someone dies and leaves behind assets, it is necessary to ensure that the assets are distributed in accordance with the deceased’s wishes and the applicable inheritance law. Probates can be rather complicated, especially when real estate is involved, which is why buying a property with cash can make the probate process much less stressful if the property needs to be sold.
The process normally begins with the executors gathering together the necessary documents, such as the will, and having the documents reviewed by a probate attorney. The attorney will ensure that the will is legitimate and submit the necessary application to the probate court. The court will then issue a certificate giving the executors full rights to dispose of the estate in accordance with the will.
When real estate is involved, the process becomes more complicated. A house or land is very different from other assets because there is often a lot of paperwork involved in a real estate purchase.
When you purchase a house using a conventional mortgage, the bank will issue a deed, but since the house is normally the collateral for the mortgage, the bank will hold on to the deed until the mortgage is paid off. If the homeowner dies, the executors must go through the stress of searching through the deceased’s financial records to provide proof that mortgage payments have been made on the property. They will then assess what the equity is on the property.
However, if a house is purchased with cash, there is no mortgage, which means that the owner is entitled to hold the deed to the property. The deed should be kept secure with other important documents, such as the will, to make it easier for the executors to find everything and prepare the paperwork for the probate attorneys.