Leading Estate Planning Lawyer Martin J Fogarty founder of The Heartland Law Firm, in Glenview, IL discusses the complexities of managing real estate during probate, emphasizing the need for expert guidance. For more information please visit https://www.heartlandlawfirm.com
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Probate can be challenging to manage as it often combines property, money, and family dynamics. In this context, Elder Law Attorney Martin Fogarty discusses the specific difficulties of handling real estate during probate and offers guidance on navigating the process.
For more information please visit https://www.heartlandlawfirm.com
Probate is a process by which beneficiaries legally inherit assets from a will. The will names an executor to carry out the instructions of the person who died (decedent). Probate Court can name a relative as executor if the decedent died without a will.
If real estate is involved, it doesn’t have to be sold within the probate court. An executor will have to complete the probate process before obtaining the title. Then, they can seek advice from a realtor on an accurate property value and if renovations are required before listing.
Martin Fogarty, of The Heartland Law Firm, in Glenview, IL, advises the best starting point for an executor is to contact a probate lawyer to understand the process and what is required.
The process begins with a petition filed to a local court where the deceased resided. An executor should inform beneficiaries listed in the will about petitioning for probate and the court date if they want to file objections. Legitimate and identified creditors must also be notified.
Fogarty said: “The next step is drawing up an inventory. This includes locating all estate planning documents, the person’s assets, such as bank statements, life insurance policies, property deeds, and any debt that could stand against the estate’s value.”
Once done, an executor can settle legitimate debts or personal loans with money from the estate and file income tax returns, including paying inheritance taxes. He said: “When outstanding bills and creditors have been paid, you can petition a court to legally transfer assets to beneficiaries named in the estate.”
Real estate could be a minor thorn in an executor’s bid to process probate, particularly if someone died and left no will. “In rare cases, an executor can sell the home outside of probate. This is part of the attorney’s role: to let you know your options to get through the process efficiently.”
In an intestate situation (when someone dies without a will), there’s typically more court involvement and control. Being unaware of available options can lead to missed opportunities to minimize probate, resulting in unnecessary aggravation and wasted time dealing with needless red tape. Fogarty says “You want an attorney who will expedite you through the process - to help you honor the decedent’s wishes and minimize the time cost and waste of Probate.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Martin J Fogarty
Email: Send Email
Organization: The Heartland Law Firm
Address: 1545 N Waukegan Rd Suite 2 9, Glenview, IL 60025, USA
Phone: (847) 652-9175
Website: https://www.heartlandlawfirm.com/
Release ID: 89137995
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