Inheriting a property from a loved one can be both a blessing and a challenge. While it can provide financial security, navigating the legal processes involved—especially during probate—can be complex and time-consuming, sometimes taking anywhere from several months to over a year, depending on the complexity of the estate and state-specific probate laws.
One of the most common questions heirs have is whether probate is required to sell an inherited property. The answer depends on several factors, including how the property was titled and whether the estate was structured to bypass probate.
When Is Probate Required to Sell an Inherited Property?
Probate is the legal process in which a deceased person’s estate is settled, debts are paid, and assets are distributed to the beneficiaries. In many cases, if the property was solely owned by the deceased and not placed in a trust or owned jointly with rights of survivorship, it must go through probate before it can be sold. Here are a few scenarios where probate is typically required:
- Sole Ownership: If the deceased was the sole owner of the property, probate is necessary to transfer ownership to heirs before a sale can occur.
- Tenants in Common: If the property was owned with others as tenants in common, the deceased’s share must go through probate before being sold.
- No Designated Beneficiary: If the property was not placed in a living trust or assigned to a beneficiary through a transfer-on-death deed, the probate process is required.
When Can You Avoid Probate?
There are situations where probate may not be necessary:
- Joint Tenancy with Right of Survivorship: If the property was owned jointly with a survivorship clause, it automatically transfers to the surviving owner.
- Living Trusts: If the deceased placed the property in a living trust, it can be transferred to the beneficiary without probate.
- Transfer-on-Death Deed: Some states allow property owners to designate a beneficiary who will receive the property upon their death, thus bypassing the probate process.
How an Inheritance Advance Can Help
The probate process can take months or even years to complete, and during this time, heirs may be unable to access the financial value of the inherited property. This can create financial strain, especially if there are outstanding expenses, mortgage payments, or property taxes.
An inheritance advance, sometimes incorrectly referred to as a probate loan, can provide immediate funds to individuals while they wait for the probate process to be completed. Rather than borrowing against the inheritance, heirs sell a portion of their expected inheritance to a probate funding company in exchange for an immediate lump sum payment.
Unlike a loan, there are no monthly payments or interest charges. The funding company is repaid directly from the inheritance once probate concludes. If you don’t get paid from the estate, you owe nothing to the funding company.
Looking for an Inheritance Advance During the Probate Process? Probate Advance is here to help.
At Probate Advance, we understand that probate can be a lengthy, complicated process but that sometimes you need access to your money sooner. If you’re waiting on inheritance funds, we can help. Our team offers a reliable, fast, and transparent solution, helping you get the funds you need without the burden of debt.
Applying for a probate advance can be helpful for beneficiaries who need immediate funds. If you’re considering inheritance funding, speak with a probate attorney and financial advisor to ensure that your choice supports both your immediate needs and future financial well-being.
Need more information or ready to get started with funding in advance of your inheritance? Apply to Probate Advance today, and our team of experts will guide you through the process to unlock the funds you’re entitled to.