When it comes to inherited properties, chances are high for its heirs to sell it. It is true, especially with multiple inheritors that can make use of cash.
In St. Louis, the first step that inheritors will have to go through is the probate process. It is a court-supervised procedure for the transfer of property when its owner dies. Its purpose is to protect the rights of involved people, from heirs, devisees, and creditors. It also makes orderly transferring of property and settling of estate property and debts.
When you find yourself asking, “How do I sell my inherited house?” try to read this first.
Under this procedure, the heirs are expected to do the following:
- Look and hire an estate attorney to represent you.
- Apply to the Letters of Administration (without a will) or the Letters Testamentary (if there is a will).
- Publish notice to the decedent’s creditors.
- Appraise the property and other related assets.
- Pay debts, taxes, and expenses.
- Prepare a settlement which features income and disbursement.
- Obtain court approval for transfer and close estate.
An exception to the probate’s rule applies if, the deceased person’s assets has a value of less than $40,000. A small estate certificate rather can be obtained in order not to go through the standard probate process. An affiant (distribute) files an affidavit promising to pay debts and claims before distributing the property.
Alternatively, the decadent’s spouse and minor children can file refusals of letters to get allowances paid. This applies when the property’s value is less than the allowances. Moreover, a creditor refusal letter can be filed if the estate value is $15,000 and below. Here certain assets other than the property can be reached to pay debts.
If an attorney is necessary for proper and orderly probate procedure, a real estate property management firm can do the same when selling the property. Such firms can also refer heirs to estate attorneys they have worked with before.