Prom Probate Loans to Fiduciary Mortgages, What Estate Beneficiaries Need To Know
Unfortunately, when a loved one in your family passes on, it can be a complicated situation that goes beyond the grieving process to include financial matters that are often difficult and stressful to manage during such circumstances. This is all the more reason to educate yourself on the legal proceedings associated with inherited real estate.
The process known as probating an estate occurs in order for those entrusted with executing the will of the deceased family member to best determine who to bequeath the estate to and what method is best. Once the estate trustees have taken the eligible parties rights into consideration and there is receipt of probate, the executors are enabled to grant the estate to the appropriate parties.
In the case that multiple heirs attempt to establish legitimate claim to the estate, in order to prevent complications from further delay, the issuance of probate loans could be the most prudent choice. In this instance, cash is administered to the heirs and other beneficiaries while probate problems are being resolved.
Often times, the probate cash received from the loan is put toward property maintenance and improvements for the estate. If the executors or trustees are thinking of selling real estate in probate, they may use the loan to make additional home staging preparations to close the sale of the estate more efficiently and with the highest return. Another option, however, would be for the trustee of the estate to establish a fiduciary mortgage agreement with the estates beneficiary, with the idea that the beneficiary will keep the estate.
If you have additional questions, comments or suggestions about probate loans, fiduciary mortgages, or any related issues, do not hesitate to share them in the forum below.