Top Estate Planning Attorney Robert Brumfield Reveals Insights Surrounding Real Estate During Probate – Bakersfield, CA

Leading Estate Planning lawyer Robert Brumfield founder of the Law Offices of Robert H. Brumfield, P.C. in Bakersfield, CA offers a way to handle real estate during probate. For more information please visit https://www.brumfieldlawgroup.com

Bakersfield, CA, United States – March 30, 2021 /MM-REB/ —

Probate can be one of the trickiest topics to manage– not least because it usually means property, money and family. But Estate Planning Attorney Robert H. Brumfield, founder of the Law Offices of Robert H. Brumfield, P.C. in Bakersfield, CA offered a way to keep a cool head through the process.

For more information please visit https://www.brumfieldlawgroup.com

Legally, probate is the process by which beneficiaries legally inherit or obtain assets from a Will, usually from a deceased relative. An executor is usually listed by the deceased to carry out their will’s instructions. If they die without a will, a close relative can be assigned as an executor through state intestacy law.

If a house is in probate and doesn’t require to be sold within the probate court, then you can complete the probate process before listing it for sale, commented Brumfield.

It might be best to seek advice from a real estate agent for an accurate value of the house and if renovations are in order what is required. But you will have to wait until you complete the probate process and obtain title to the house if the house doesn’t have to be sold in probate court.

In Brumfield’s guide, his starting point is that an executor should contact a probate lawyer to understand the process and represent you as the will progresses through probate. These could include filing court-related documents, collecting life insurance policies and handling tax-related matters.

The process is officially kicked off with a petition filed with a court local to where the deceased resided. Check state laws to know where you stand if you live out of that state or city.

Inform beneficiaries listed in the will that you’re petitioning for probate and tell them the court date if they want to lodge objections. Legitimate and identified creditors, such as credit card companies, also need to be informed.

Brumfield said: “The next step is to put together an inventory of the estate. This includes locating all the estate planning documents, the person’s assets, such as bank statements, life assurances, property paperwork and bonds, as well as any debt that could stand against the estate’s value.”

Once the inventory is clear, you can move on to settling any legitimate debts or personal loans with money from the estate, and file income tax returns, including paying any inheritance taxes.

Brumfield added: “Once outstanding bills and creditors have been paid, you can petition a court to legally transfer assets to beneficiaries named in the estate.”

He revealed that real estate could be a minor thorn in an executor’s bid to process probate, mainly if the person who died has left no will or intestate.

He advises calling a professional estate planning lawyer to guide you through the process.
You can petition the court to sell the home yourself, outside of probate court in terms of testate. But check state laws and an estate planning attorney on selling a probate property without court involvement.

In an intestate situation, a local court will control the house sale and bidding process. Generally, subject to different state laws, an executor will have to consult an estate agent, preferably a Certified Probate Real Estate Specialist (CPRES), to establish a value, market and sell the home.

The house needs to be listed for sale and marketed. It can, under specific state laws, be sold within a certain period. Once an offer is accepted, there is usually a four to six week waiting period to enable an attorney to secure a court date to finalize the sale.

While some states cater to complex bidding rounds where buyers can outbid a current buyer, once a sale is settled, it could be another month before the process is fully complete, he added.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Website: https://www.brumfieldlawgroup.com

Source: MM-REB

Release ID: 89001998