How Long Does Probate Take?
You know, when you inherit a house, you hear that it has to go through probate. You start thinking about how much will you inherit, what you can do with that money, and you ask, “How long does probate take?” Don’t deny it. You know we all do it.
How Long Does Probate Take?
According to experts on the subject at Iowa State University, “Probate can take two years or more depending upon the complexity. Federal and State tax returns need to be filed within nine months after the date of death. Iowa law requires that an estate be closed within three years of publishing the second notice to creditors unless the court grants an extension. Some assets do not go through probate. Life insurance and retirement plans will go to named beneficiaries. Property owned by you in joint tenancy with another person (bank account, car, real estate) will be automatically passed on at the time of death. Property held in trust will pass according to the trust document.”
What is probate?
Nolo Law for All says “Probate is a legal process that takes place after someone dies. It includes:
- proving in court that a deceased person’s will is valid (usually a routine matter)
- identifying and inventorying the deceased person’s property
- having the property appraised, paying debts and taxes, and
- distributing the remaining property as the will (or state law, if there’s no will) directs.
Does All Property Have to Go Through Probate?
QuotingNolo Law for All: Not all assets are subject to probate. Some kinds of assets transfer automatically at the death of an owner with no probate required. The most common kinds of assets that pass without probate are:
- Joint Tenancy assets-when one joint tenant dies, the surviving joint tenant becomes the owner of the entire asset. For example, the property is owned as “Jane Sage and John Sage, as joint tenants with rights of survivorship. if Jane dies, John owns the entire house.
- Tenancy by the Entirety or Community Property With Right of Survivorship-these are forms of property ownership that function like joint tenancy, in that the survivor owns the entire property at the death of the other tenant, but are only available to married couples.
- Beneficiary Designations
- Payable on Death Accounts/Transfer on Death Accounts
Probate House Sale Process
If the house in question is part of those assets that are not subject to probate, the house can be sold easily. It happens all the time. If the house is subject to probate, the heirs may still quickly dispose of the property when the court appoints an executor. Choices for disposal of the property includes using a realtor with an MLS listing, heirs selling the property themselves, or using a real estate investor like Harmony Property Solutions, LLC .
We will send you FREE information about How to Sell Your House Fast.
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Harmony Property Solutions, LLC is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help, and we can do it quickly!
Give us a call today at 319-343-6773 to let us know how we can help YOU.
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