In the unfortunate case of a death in the family, life can become quite difficult; that’s without adding any extra stress of dealing with funeral arrangements, solicitors and the distribution of assets. Here at FastCash4Houses we want to help every step of the way, and in times like this, we want to make the sale of a house as easy as it possibly can be for you. Read on to learn more about probate, the time it can take and the costs associated.
What is probate?
Probate is the term given to the court supervised process of determining whether a will is valid and authentic. It also refers to the legal process of distributing a person’s estate after their death, all done in accordance with the law. This can include organising any assets, cash savings, investments and personal possessions. After paying any debts and taxes, the remaining estate will be distributed as inheritance.
This means, the person inheriting the assets will not be able to claim any of them until a grant of probate is given. A person will be named executor, giving them legal authority to deal with an estate of a person who has died, allowing them to sell, transfer and distribute any assets.
People often see probate as being time consuming and expensive, but for a person with a relatively straightforward estate that is not too extravagant, it can be advantageous. It’s there to protect a deceased person’s last wishes and to distribute assets fairly and lawfully.
How Long Does Probate Take?
Time taken to grant probate is different in every scenario, it can depend on the size and complexity of an estate. In most cases with a will in place, the process of granting probate can take 4 – 6 months. In more complex cases this can be from 6 – 12 months to complete. Overall, the average time taken is 9 months. Once probate is granted to the executor, the person administering a person’s estate after death, they are able to sell, transfer and distribute the estate.
Cost?
As previously mentioned, granting probate can be a long and time-consuming process, which incurs fees along the way. Some costs may even have to be paid before the assets have been distributed since assets are frozen by the court until probate is granted. According to Investopedia, costs can vary but generally range from 3% – 7% of the total estate value.
Once probate is granted, the executor may look to sell off any assets the person held, such as a house, stocks and shares and any high value personal possessions. At this point you can look to sell a property through any means necessary, whether it be contacting an estate agent, using an online service yourself, or using a cash buying service like FastCash4Houses.
Going through a probate process can be costly and time consuming, so the last thing you need is to lengthen the selling process too. At this difficult time, we at FastCash4Houses are on hand to help every step of the way, especially when it comes to selling the property. With us, you can sell your property in a quicker time frame with no estate agent or legal fees to pay. To get your free no obligation valuation today and to find out more about how we can help then visit our website at https://fastcash4houses.co.uk/ or get in contact with us to speak to a member of our team directly on 01204 294356 or [email protected]. At FastCash4Houses, we want to support you every step of the way as you sell your property.
