Inherited Property And Probate

Losing a loved one is difficult in itself.  Dealing with the estate of a loved one is even harder.  

My name is Deb Smith and I'm an Inherited Property & Probate Broker.  Owner and Broker of Desert Pride Real Estate Brokerage, LLC; my team and I are dedicated in helping families work their way through this life transition.

Our team will assist in educating the surviving heirs with:

• The Property of the deceased with all of its contents in and out  
• Bank accounts,
• Final affairs.

Our team will help heirs navigate through this very difficult time in their loved ones passing.  Heirs feel overwhelmed with the numerous tasks that must be performed while taking care of their own families and themselves.  The surviving families are not sure where to start and what steps to take as they become bombarded with aggressive sales calls, deceiving mailers and even personal visits at the front door.

As we help educate families on their options and choices of how to proceed, we have learned that getting matters planned prior to death is an intelligent strategy for aging family members.  

• Creating Family Trusts while family members are living to create an after death liquidation per their wishes.
• Getting bank accounts and other financial assets set up properly for a clear and concise next chapter.
• Learning how taxes are a part of the process and obtaining education prior is another intelligent decision to make.

If your life transition occurs prior to getting the above items in place, then it's time for you to make a decision of how you want to handle the estate.  You may want to retain a Probate Attorney or hire an Estate Liquidation firm to sell the assets within the home.  You may want to do this all  yourself or you may be in a state of grief that will not allow you to take on all of the tasks involved.  It's your time to take a breath, put your loved one to rest and give yourself time to grieve so you can tackle the next step of handling the estate.

Do it Yourself Tips:

1. Get a large notebook and start to itemize all assets:
   1. Personal property, real estate, bank accounts, annuities, cars, life insurance policies, everything of value.
2. Decide what the family may want to keep and what they would like to liquidate. (sell)
3. Determine if there was a will- locate it and all codicils (amendments and/or additions)

And this is where it can start getting tricky- I DO recommend legal counsel any time you start a process like this on your own. Attorney’s will consult for a minimal fee or sometimes for free.  It needs to be determined how the property was titled- and here is a big one, as this will dictate what you can do with the property and if you need to go through the court system to achieve this.  Probate.  Consider all consequences of your choices,  such as tax consequences.  Check all scenarios that may run into additional liability and be sure to understand your options.

Next:

•  Itemize all debt: including the maintenance of real estate- utilities, taxes, mortgage, credit cards, outstanding loans.
•  Secure all property to keep vandals and vagrancy to a minimum.
• Once you’ve identified tax liability, debt and assets this will give you an idea of all financial obligations and the ability to settle them, you will have a good picture of how to proceed and be better prepared to make the decision of how to finalize all affairs.

The size of the estate and your availability of time will need to be considered.  Also, are you detail orientated, can you be patient in dealing with all of the in's and out's of liquidating an estate?  Are  you good at researching where the assets are?
If this sounds overwhelming, then the consideration of hiring a professional where they will manage all of this for  you may be a great decision.  
 
As you decide how you want to proceed with your next steps, please know that my company, Desert Pride Real Estate Brokerage, LLC specializes in assisting families with this part of life.  We have the resources to offer a cash purchase for the property in "as-is" condition, can assist you in hiring the right team and provide introductions to legal counsel to assist you in the process.  Our job is to help you get through this and allow your team to handle all aspects to provide worry relief for you.  I pledge to provide families with useful information and education and to provide support.  First and foremost​ so they can make the best decision for themselves and their families.

Please make use of the content and let me know if I can help.

God Bless

Deb Smith
Desert Pride Real Estate Brokerage, LLC 
Broker / Owner

 

Terms And Definitions
Gather the Facts
Tip​s For Cleaning Out the Property

What To Do When Someone Dies In The Home
Tax Consequences Of Selling Inherited Property
Family Issues
How to Distribute Property without Probate Court
BENEFICIARIES

 

Deb Smith, Broker of Desert Pride Real Estate Brokerage, LLC has been serving Arizona families for over 15 years. Deb has a passion towards empowering individuals with knowledge so they can make informed decisions.  As an Investor herself, Deb is committed in providing solutions and guiding consumers every step of the way.

 

“I pledge to assist families to their best decisions and will be there to guide you to the answers you seek.”