Dealing with probate real estate can present its own challenges and complications, which is why choosing a real estate agent can help you simplify the process and navigate this complex situation.
What is Probate in NC?
In real estate, probate describes the process of distributing the assets of a deceased person based on their will. Unfortunately, not every case is this simple; in cases where a will wasn’t left behind then families find themselves in what is called intestacy which results in the state’s probate laws ultimately deciding the split of assets.
Why do I need a Real Estate agent during the probate process?
Real Estate professionals can offer many benefits other than their significant market expertise when it comes to the probate process, such as possessing a solid understanding of the process, timeline, and requisite steps essential to successfully conclude probate proceedings. Moreover, they possess the expertise to adeptly manage the extensive paperwork associated with the sale. In the event that additional support is required, they are well-equipped to connect you with other experts, such as probate attorneys, to ensure all your needs are met and matters are handled efficiently.
What does the NC Probate process look like?
Typically, the process of probate includes the tasks of: documenting and appraising the assets and properties within the estate of a deceased individual, settling the estate’s financial obligations (i.e., debts and taxes), and distributing the remaining assets in accordance with the decedent’s will. The Personal Representative will be responsible for the distribution of the assets.
Who may be assigned the role of Personal Representative?
In North Carolina, the following people can be assigned the role of Personal Representative (https://ncplanning.com/faq/what-is-probate/):
- The decedent’s surviving spouse
- Anyone receiving property as instructed by the decedent’s will
- Anyone entitled by law to receive the decedent’s property if there is no will
- Any of the decedent’s immediate family members
- Any creditor to whom the decedent was obligated
- Anyone of good character who resides in the county and applies with the clerk of the court
The properties of our deceased loved ones are usually the biggest obstacle when it comes to probate but utilizing the right real estate agent for your family can help you avoid the additional stress of figuring it out on your own.
Reach out to us at Wendy Mitchel Residential if you have any questions or would like help in hiring a real estate agent. 919-749-0536.