Today we're going to talk about 4 ways someone can avoid probate even if their estate is not considered a “small estate”.
Small Estates Avoid Probate
If you're not familiar with this term, estates that are classified as small estates can often go through a shortened probate process or possibly skip probate altogether. However in most cases, folks will need to go through probate when someone passes away.
Why Would You Want to Avoid Probate?
There are a couple of reasons people want to avoid probate.
It's expensive and it takes a long time. Court fees and attorney expenses can take up to 5% of the value of the estate. There can also be fees for appraisals and other things related to the estate. Probate also ties up the property for months and in some cases, years. This means the personal representatives are waiting while all of this gets done to be able to get on with their life.
There is a mountain of paperwork, filing deadlines to be met, and there will be some court appearances involved in the probate process. This is what the attorney is getting paid to do. From personal experience, I have found that people that try to do the legwork themselves just don't know how to do it properly. Most often this results in a big mess someone has to straighten out. It also causes delays in getting the estate settled.
How Can You Find Out About these Properties?
The short answer is that you can buy a list of inherited properties. Be aware that there will be some duplicates or crossover when you compare this list to your probate lists. You will need to remove the duplicates, but you will also pick up some opportunities to buy property that avoided the probate process.
Show Notes
Small estates
How joint ownership works
Gifting property prior to your death
Trusts – how they are used
POD accounts
Inherited properties list
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I love the niche of probates. You won't find more motivated sellers than these folks. In fact, probates have always been my best source of leads.
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I have been wanting to get into the probate niche for some time. I will definitely be checking out your Podcast. Thanks for putting this great information out there. I appreciate this blog post And look forward to reading more
Today we're going to talk about 4 ways someone can avoid probate even if their estate is not considered a “small estate”.
It’s not that long here in KY. Most people that own property will be required to go through probate.
Probates process take upto 24 months in most states, and costs upto 5% of the estate value.
It’s preferable to avoid probate.
Thanks for stopping by Joe.
I have been wanting to get into the probate niche for some time. I will definitely be checking out your Podcast. Thanks for putting this great information out there. I appreciate this blog post And look forward to reading more
Ya. that’s right everyone wants to avoid probate. because it takes long time.