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Yes, you can borrow a loan to buy a probate home, but lenders and loan types are limited. Probate sales often require cash offers or specialized financing due to court oversight, delays, and property condition risks. However, with careful planning, buyers can use mortgage programs like conventional loans, FHA loans, or renovation loans to finance…
Yes, you need a certified copy of the death certificate to probate a will. It serves as legal proof of death, allowing the court to validate the will, appoint an executor, and begin administering the estate. Without it, probate cannot proceed. When dealing with the probate process, a death certificate is one of the most…
A probate bond is an important protection when someone passes away, and their estate (money, property, and belongings) needs to be handled. Many people wonder why it is required. This article explains what a probate bond is, why it is needed, and how it helps protect heirs and creditors. What Is a Probate Bond? A…
A devisee is an individual or entity designated in a last will and testament to inherit real property, such as land, residential homes, or commercial buildings, from a deceased person’s estate. In estate planning and probate law, the term “devisee” carries specific legal significance. Whether you are drafting a will, managing an estate, or expecting…
“Without bond” means the court allows an executor or administrator to manage an estate without posting a probate bond (a type of insurance that protects the estate from financial loss due to executor misconduct). This waiver is granted if the will explicitly permits it, state law exempts the estate, or heirs unanimously agree. When managing…
Yes, there is a statute of limitations on probate, but deadlines vary by state and the type of claim involved. Most states require probate to be initiated within 1–3 years of death, while creditor claims and will contests often have shorter windows (e.g., 3–12 months). Missing these deadlines can forfeit your rights. Did you know…
Yes, a joint account with rights of survivorship (e.g., “Joint Tenants with Rights of Survivorship” or JTWROS) typically avoids probate. When one owner dies, the surviving owner(s) automatically inherit the funds without court involvement. Exceptions: For most cases, joint accounts with survivorship rights bypass probate. How Joint Accounts Work? A joint account is owned by…
Valuing a timeshare for probate requires careful consideration of its unique characteristics, market dynamics, and legal obligations. Below is a structured approach to determine its fair market value and address key challenges: 1. Understand the Timeshare Structure 2. Assess Market Demand and Liquidity 3. Calculate Fair Market Value (FMV) 4. Factor in Ongoing Costs 5….
Going through probate in New York can be a complex and time-consuming process, especially when real estate is involved. A common concern for heirs and beneficiaries is whether they can continue living in a house that is part of a probate estate. The answer depends on various legal factors, including the deceased’s will, the rights…