Life and death are the only constants in this world. No one can run from it and no one can deceive it. Out of all the experiences in life, losing a loved one is the most painful one. And the present scenario hovering around COVID-19 has made life difficult for all of us. No one knows how this pandemic will affect their bodies as everyone around are under its radar.
Thus, the current pandemic and sudden natural or accidental death can leave you with a void in life, which can be hard to fill. And the memories associated with them are hard to go by. Personal belongings such as their clothes, furniture, artifacts, etc. are hard to get rid of. But, one the most difficult tasks to overcome is to sell off the deceased estate. And you may not be sure what to do when a family member dies.
What is Deceased Estate?
Typically, all the assets and liabilities of the deceased person is called an estate. When we talk about their assets, it’s all the property and belongings which has a high value, like a house, car, or shares. Generally, a deceased person leaves a will, wherein their wishes about the ownership transfer of the estate are written. The ones who are inherited with the deceased estate are called a beneficiary.
It has all sorts of complications associated with such as costs of selling the estate, some outstanding debts, legal proceedings, repair work, etc. And overall, all these tasks combined can be costly and time-consuming. But such tasks can be simplified by appointing a professional deceased estate property service provider.
It is hard to lose someone you love. And when you are the one named as the beneficiary of the deceased estate property, then things become tricky. The whole process of selling or renting the property is complicated. While you are still grieving for your relative’s loss, you’ve got an added pressure of dealing with the property.
By hiring a professional deceased estate property agent, you can free yourself from the selling process. You will get the best deal for your property at a reasonable and well-deserved fee.
The following are some of the points involved with the process of the sale of deceased estate property:
Knowing Whether Involvement of Court is Needed
Unlike personal belongings such as clothes, utensils, etc., the transfer of property needs a legal approach. Sometimes in case of transferring the deceased property to a relative or beneficiary requires the involvement of the court. This process is known as probate.
Now, dealing with the transfer process is not easy as different states have their own set of laws. Generally, the ownership of the property goes to the closest blood relative of the deceased. And that individual receives the deceased property.
There are mainly three types of property ownership which help to understand the fate of the property after the death of the owner.
- Sole Ownership: The property which is owned by an individual comes under sole ownership. This property is not transferred after the death of the owner unless the owner names someone before their death. Bank accounts and investments fall under sole ownership.
- Joint Ownership: Any property which is owned by multiple people falls under the category of joint ownership. Such ownership can be easily transferred amongst one or all the listed members.
- Title by Contract: This type of property ownership is easy to transfer. As the name of the beneficiaries is mentioned before hand, the ownership is transferred to the named beneficiaries after the owner’s death.
It is advisable to have a word an experienced attorney to help you in determining the title of the property. This process can be best handled by the deceased estate service provider as they can manage the legal aspect efficiently.
If you are planning to sell your deceased property, the first step would be to clear out all the debts if any. As all the outstanding debts on the deceased estate are to be paid off first before the amount is distributed to its beneficiary.
Even one has to spend money for the deceased property’s maintenance unless the executor is already named for the property. If the executor is named, then all the costs such as mortgage payments and utilities will be covered by them for maintaining the estate.
Sometimes, a deceased estate has more debts as compared to assets. In such a scenario, one has to seek the assistance of a lawyer for checking the state law and decide exactly what amount you need to pay.
Determining Whether You Can Sell the Estate or Not
It is important to have a clear idea about the process of selling a deceased estate property. In case, your relative named an executor and a beneficiary for the property, then you require permission before selling the property. Thus, a beneficiary will seek permission from the executor, and once cleared they are good to go to sell off the property.
If there is any sort of disagreement between an executor and beneficiary related to selling the deceased estate, then you have to go through the court system. To simplify the process of selling the property, you need precise paperwork. If your relative or loved died suddenly, then you have to look for the paperwork by going through all their belongings. Documents such as a bill of receipt, homeowner’s insurance policy, the property will, etc.
Paying Taxes for Transfer of Property
According to law, for any transfer of ownership on the deceased estate property, one needs to pay estate taxes for the same. You will also be liable to pay all the taxes associated with the property. And once you sell the property you need to pay the taxes for the same.
It seems like it won’t sum up to a big amount, but that’s not the case. You have to discuss all the taxes associated with the property with your property agent. They will guide you and help you out in figuring out your tax responsibilities. They will help you out throughout the process of selling out the property.
Selling a deceased property is not an easy task. If you plan to do it all by yourself, then you have to invest heavily in time and money. The best thing is to hire a professional deceased estate property service provider. They will help you out with the process of selling the property. They will guide with all the legal aspects and will arrange a list of potential buyers for the property.