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death without will

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L

lbw

Guest
fl. What happens to property if a person dies and has no will and no heirs? Does it go to the state and they have the option of selling it for taxes due?
 


I AM ALWAYS LIABLE

Senior Member
lbw said:
fl. What happens to property if a person dies and has no will and no heirs? Does it go to the state and they have the option of selling it for taxes due?

My response:

Presuming that your statement is 100% accurate, and the decedent is the last member of his/her family lineage, then all property, both real and personal, will "escheat" to the State. Then the State will then attempt to locate any heirs, no matter how remotely related for up to 7 years, and then if that fails, the property will be sold at auction.

IAAL
 
L

lbw

Guest
How does one go about investing in probate property? I've started investing in foreclosures and thought there may be an opportunity in probate real estate, but seven years is not an option. What is the advantage of property in probate?
 

I AM ALWAYS LIABLE

Senior Member
lbw said:
How does one go about investing in probate property?

My response:

Simple. You don't.

In 99.9% of the cases, there's always some sort of relative in the "woodwork", and the State has a lawful obligation to attempt to locate "heirs at law". So, escheated property is not, in the vast majority of cases, an "investment" option.

IAAL
 

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