Inheriting a home from a family member or friend happens almost every day. However, an inheritance, especially of real property like homes and land, often comes with questions about the legal process involved. What is probate and how long does it take? Clear Counsel Law Group regularly assists clients who are navigating the sometimes obtuse (downright baroque) process of inheriting property through a will. Here’s what you need to know to understand the probate process and the timeline involved.
The Probate Process for Inherited Property
When you are named in a will to inherit a property, there are several legal hurdles that must be overcome before you actually take possession of it. The name of this process of transferring property from the deceased to the beneficiary is probate. The purpose behind all of the legal runaround is to prevent issues with disputes over assets and to confirm that the assets are genuine. Nobody wants to inherit a home that suddenly gets taken away because it belongs to a surviving spouse or one that is valueless and needs to be condemned.
Appointment of an Executor or Personal Representative
The first step in the probate process is the appointment of an executor named in a will or a personal representative assigned by the court. This individual is given authority to manage the estate’s assets and handle necessary legal matters. They play a critical role in the probate process, overseeing the collection, evaluation, and distribution of the estate’s assets.
Once the executor or personal representative is appointed, the probate process can officially begin.
The probate process also allows time for addressing any disputes or claims against the estate. Other individuals may believe they have a right to the property, and the court needs to resolve these issues before transferring ownership.
Probate Timeline
The duration of the probate process varies according to a wide variety of factors including the size of the estate, number of disputes, and if property is held in multiple states. Typically, it takes an average of four to six months for the property to be legally transferred from the deceased to the beneficiary. Smaller estates (less than $25,000) can transfer in closer to six weeks while a large estate could take years. This period can be a waiting game for the beneficiary, especially if they are not the executor or personal representative. Only the administrators of the estate know where they are in the process, and they aren’t necessarily required to keep the beneficiaries up to date.
Beneficiary’s Role During Probate
As a beneficiary, your involvement in the probate process is generally minimal unless you are also serving as the executor or personal representative. During this time, you do not have the authority to make decisions about the property, including living in it, unless explicitly permitted by the executor or personal representative. If you are living in the property at the time probate begins, you won’t be removed but you are restricted in the same way as any other tenant or renter would be.
Finalizing the Probate Process
Upon completion of the probate process, the court authorizes the personal representative to distribute the estate’s assets, including transferring the deed of the property. At this point, the property legally passes into your possession, and you become the rightful owner with the freedom to live in and manage the property as you see fit.
Inheriting a home involves engaging with or waiting out the probate process, which can take several months to complete. Understanding your role as a beneficiary and the timeline for property transfer is crucial in managing your expectations. For those inheriting property, seeking legal guidance at Clear Counsel Law Group can be invaluable in setting expectations and ensuring a smooth transfer of ownership.