Negotiating Probate for Real Estate
Dealing with a death in the family can be difficult enough without having to deal with probate. Probate court is the court that deals with negotiating problems between heirs, usually because the deceased forgot to write a will. Given the value of property, and that there can be a variety of hidden problems involved, negotiating probate for real estate can be a difficult thing. The first thing that should be done is to hire an attorney that specializes in probate in order to make sure that all of the necessary steps are followed, but even then it can help to know what to expect.
A major consideration will be any debts against the value of the property as they need to be paid off first. This may be a source of negotiation in and of itself as the heirs of the estate face off against banks and other lenders it may be necessary to decide who gets to sell off the property in cases where the debt owed is too much for those to pay off or not worth renegotiating the loan. Once those debts are dealt with then it is possible for the real negotiating to begin.
The next step will be to decide who has a share in the real estate and how big those shares are. While normally the shares will be equal, there may be situations where some heirs have smaller shares, while others have larger due to other negotiations. Once the size of shares have been determined then it is possible for others to bargain either to eliminate their shares or to acquire the shares of others. Suffice to say that this step can make things easier or harder for a potential judge depending on the type of negotiating that occurs.
It should be noted that there are a number of different possibilities. The three most common are selling, sharing, or that a judge is required. “Selling” is when everyone decides to sell the property and split the proceeds, which is usually the simplest and best option for all concerned. “Sharing” can also be a valid option, especially when selling the house may be too difficult or it has been decided to keep the house in the family in this case it will be necessary to determine the heir best capable of maintaining the property. Splitting the responsibility is also a possibility. In the case that a decision cannot be reached, it may be necessary to set up a court date in order to deal with the problem.
Should it go to court, the judge will consider all possible options. However, should negotiating probate for real estate solutions fail at this stage, the judge may recommend liquidating the various assets in part of in whole in order to both deal with any outstanding debts and with any stubborn heirs. This is usually the last resort given how hard it is to liquidate some assets, but the judge is considered the final arbiter and his recommendations usually carry the weight of law. While these steps may vary according to the state and this is obviously a gross simplification, the essentials covered here, negotiation between heirs followed by probate court if necessary, are the usual steps in most probate negotiations. Bear this in mind and dealing with the other heirs should be far easier.