Question regarding the sell of house once inherited and other questions

[zddoodah]

Is there anything I am missing?

Yes. A great many things. Most obviously, you left out creditors and how to give notice to and deal with them. You also included things that aren't part of the probate process (as previously explained, beneficiary accounts are not part of the probate estate).

But this is ultimately your decision.

 

[Silverspec]

Yes. A great many things. Most obviously, you left out creditors and how to give notice to and deal with them. You also included things that aren't part of the probate process (as previously explained, beneficiary accounts are not part of the probate estate).

But this is ultimately your decision.

Thank you for your input and gets me thinking again. There are no creditors, no debt to deal with. Ok, I get it about the beneficiaries, I guess i am more referring to the "liquidating process" of dads assets which includes probating the will, I think maybe that is the way I should address it and think about it. I am starting to understand the process more and more with questions like this so I appreciate you and everyone taking the time to respond.

You mention "a great many things" if you do not mind can you mention these so I can address them, most likely something i have not though of yet.
Thanks again

 

[t74]

There are numerous online guides. Have you looked at any?

 

[Silverspec]

There are numerous online guides. Have you looked at any?

yes, ,I have reviewed the online guides, that is the reason I do not see any value in using an attorney. I see nothing they could add to the process, at least in my situation which is discribed throughtout the thread. I was asking because you mention "A great many things" so i was wandering what it was that I was missing specifically so I can address it.

 

[Zigner]

yes, ,I have reviewed the online guides, that is the reason I do not see any value in using an attorney. I see nothing they could add to the process, at least in my situation which is discribed throughtout the thread. I was asking because you mention "A great many things" so i was wandering what it was that I was missing specifically so I can address it.

The first half of this explains why you don't think you need an attorney, but the second half shows why you may need an attorney.

 

[t74]

I hope you are prepared for the legal fees if you mess this up and have to fix it after the fact. It is cheaper to do it right the first time.

I reiterate that the fact there is real estate is involved is significant and is the reason you REALLY need an attorney's assistance. While there is much you can do to reduce the attorney's time spent on piddly detail work, having an experienced probate attorney protects you, the other beneficiaries and the purchaser of the house.

 

[LdiJ]

I hope you are prepared for the legal fees if you mess this up and have to fix it after the fact. It is cheaper to do it right the first time.

I reiterate that the fact there is real estate is involved is significant and is the reason you REALLY need an attorney's assistance. While there is much you can do to reduce the attorney's time spent on piddly detail work, having an experienced probate attorney protects you, the other beneficiaries and the purchaser of the house.

In my state attorneys are not normally used in selling residential real estate. Title companies are used to handle the closing and the real estate agents handle the negotiations between the buyer and seller. It appears that OP's state may be similar in that respect. Since the estate has no debts and the house appears to be basically the only reason why they need to probate the estate, this really may be one of those times where someone could handle it without an attorney.

 

[t74]

A typical sale would not normally use an attorney in my state except for the title opinion. However, it cost me $6K to unscramble a missing spouse's signature.

 

[Silverspec]

In my state attorneys are not normally used in selling residential real estate. Title companies are used to handle the closing and the real estate agents handle the negotiations between the buyer and seller. It appears that OP's state may be similar in that respect. Since the estate has no debts and the house appears to be basically the only reason why they need to probate the estate, this really may be one of those times where someone could handle it without an attorney.

Hi LdiJ,
Yes, basically the only reason to probate the will is for the house and for the miscellaneous checking account and CDs, which the executor can easily handle per my past posts, mutual funds and annuity's have beneficiaries named so they pass the probate process. There are no creditors no debt nothing else.

So it seems at least in New Jersey the executor can sell the house on the estates behalf then deposit the money into the estate account and distribute accordingly to heirs, this will be done of course at the end and all other expenses are taking care of and court approved.

 

[t74]

I ran into a problem in a different state where an attorney was required to open probate. One was not needed for a small estate or when all assets passed out of probate. Probate was needed in our case because the person holding the will refused to produce it for the other beneficiary and refused to comply with the terms of the will or intestate distribution.

 

[quincy]

New Jersey laws apply.

 

[t74]

It may be county dependent as it was in my state of interest. OP, IMO, needs to at least consult a local attorney to determine the best procedure to follow in the specific area. Based on personal experience, the involvement of the house is a concern.

 

[quincy]

It may be county dependent as it was in my state of interest. OP, IMO, needs to at least consult a local attorney to determine the best procedure to follow in the specific area. Based on personal experience, the involvement of the house is a concern.

I was merely pointing out that your state and LdiJ’s state are not part of the equation here.