Even though the probate process is required in every state in the United States, probate laws vary from one state to another. The same applies to selling a probate property – the deceased person’s assets, distributed by the last will and statement and passed through probate court.
If you are going to sell your inherited property in Florida, this article is for you. Below, you will find information about the main Florida probate rules, the possibility to avoid probate in this state, and getting legal and real estate help in your situation. Read on to get through the selling process smoothly.
Selling Inherited Property in Florida
If you are going to sell your inherited property in Florida, it is important to figure out if the estate is subject to probate court since it can affect the selling price. This information can help you avoid the probate process or find a real estate agent and a lawyer who are familiar with this procedure.
There are two types of probate proceedings: formal and informal. Formal probate process is used when the deceased person’s assets include real estate, a business, expensive items, or large sums of money. If the property is subject to formal probate, the court will control the selling process and set the minimal price. Moreover, several court hearing will be required in such a situation, and hiring an attorney will be necessary.
In some cases, Florida law allows asking for informal probate, which does not require a court hearing. This process is often used when the property was owned in joint tenancy with a right of survivorship. Informal probate is usually quicker, less challenging, and does not require you to hire a lawyer.
Selling Inherited Property in Florida: Is It Worth Considering?
Selling inherited property in Florida is worth considering if you have recently inherited property and need to sell it fast. If you cannot wait several months or years before selling the house, or if you are worried that its value may go down during this time, then selling it through probate court may be the only way you can get rid of it.
However, if you are selling an inherited property because you want to get an extra income, consider finding a real estate agent and a lawyer who can help you to avoid paying unnecessary taxes, fees, and commissions and go through probate smoothly.
Estate Planning and Avoiding Probate Court
In Florida, there are several ways to avoid probate court when you own an estate. However, all these methods can be used only until the owner dies. Then, if none of the following option applies, the property has to go through probate.
The common probate-avoiding methods include:
- Buying a property in joint tenancy with the right of survivorship. This type of ownership means that if one of the owners dies, the other person automatically inherits the property.
- Owning personal property such as cars, boats, and motorcycles in joint tenancy with rights of survivorship. That allows an inheritor to receive the title for the personal property immediately.
- Creating a living trust. If you want to make sure that your wishes concerning the distribution of your property will be fulfilled after you pass away, it is good to establish a trust. This method allows an inheritor to avoid probate court and get money immediately.
Finding a Florida Real Estate Agent
Once you know that the property is going to be sold through probate, it is time to find a good real estate agent. If you want to sell your inherited property quickly and at a fair price, it is important to find an agent who understands the probate process and knows how to get the property through probate court without any legal or financial complications.
To find a good agent in Florida, you can contact your relatives and friends, look for a real estate agent on the Internet, or ask for recommendations from attorneys and bankers.
Hiring a Lawyer
If you are a beneficiary or an executor of the will, you may need an experienced lawyer by your side when selling an inherited property. By hiring a professional you can save much time, money, and effort, and go through the probate process smoothly. Moreover, if any complications occur, you will be able to deal with them as quickly as possible.
Selling an inherited property in Florida can be a challenge if you do not know the local probate laws. However, we hope that his article was helpful and now you are familiar with the process and its drawbacks and benefits.
Nevertheless, even if you have exceeding knowledge regarding probate, it can still often be tough to sell your inherited property. If you want to sell an estate quickly and at a fair price, don’t hesitate to find a good real estate agent and a lawyer who are familiar with the process and can help you go through it smoothly.