Estate, Trust and Probate -

DDRE – Trust, Estate and Probate Experts

For many people, selling a home is stressful. Add the unknowns of court procedures and the rules governing the probate process, selling a home can be outright overwhelming. DDRE can help. We can be there every step of the way, untangling the processes, simplifying the steps and guiding you through the probate real estate process. DDRE will walk you through from start to finish with a combination of knowledge, experience and compassion giving you piece of mind knowing that it’s done right.

Do I Need a Probate Real Estate Specialist?

Yes you do. There are probate-specific details that your real estate agent must to stay on top of, such as using the proper probate contracts, listing the home as a probate property, and making disclosures specific to probate. If these details aren’t in order at your final probate hearing, the probate court judge likely won’t allow the estate to be closed. You’ll need to redo the paperwork and schedule a new hearing, causing the lengthy probate process—which already takes months—to drag on even longer.

Probate experience is such an important qualification for your real estate agent in these matters, finding one that’s certified and experienced in the processes is the smart move.

All team members working on trust or Probate transactions at Dakota Dillon Real Estate hold Probate Property Specialist certifications. These certifications demonstrate the core topic knowledge of real estate matters related to probate, but we go deeper… We’ve got experience working on dozens of probate and estate transactions.

Our broker Dakota Dillon brings over 10 years experience as a paralegal working in probate and trust matters, plus years as a real estate professional. In conjunction with the DDRE team, Dakota oversees every single probate transaction we do. We work closely with your legal team every step of the way ensuring the real estate matters are handled quickly and perfectly every time. The combination of knowledge, experience and compassion gives our clients piece of mind knowing that it’s done right.

What is a Trust versus probate?

Probate is the court-supervised legal procedure that determines the validity of a will. All property, debts, and claims of the estate are inventoried and appraised. All valid claims of the estate are collected, and the remainder is distributed to beneficiaries according to the will. The court will appoint a personal representative (administrator or executor) to oversee the estate. The personal representative will be granted full authority or limited authority by the court. This authority distinction is important as the ability of the personal representative may be limited and require court oversight.

A living trust, also known as a revocable living trust or a revocable trust, is a legal document that establishes a trust for any assets you wish to transfer into it. The main purpose of a living trust is to oversee the transfer of your assets after your death. Under the terms of a living trust, the person who establishes the trust is the grantor (trustee) of the trust, and the person who is designated to distribute the trust’s assets after grantors death is known as the successor trustee.

Why is a Real Estate Transaction Different in Probate?

Often a decedent’s home is sold during the probate process to cover debt claims against the estate (mortgage or other personal debts). It may also be sold so that the proceeds can be used to equally distribute the cash value of the estate amongst beneficiaries.

If you’re facing this situation, you need the help of an experienced probate real estate team who understands how selling property during probate proceedings differs from a traditional home sale. Here’s why:

When you’re selling your own home through a traditional sale, you’re acting in your own interests, which means you can set your own timeline for the home sale. You’re free to list the property at any time and at any price. With traditional sales you are free to choose whether or not to accept the offer. Once accepted, you’ll have an average escrow period and once all the final contracts are signed the home is sold without any need for court supervision.

When you’re the personal representative selling a home during probate, you’re acting in the interest of the decedent’s estate. This means you’ll need to follow state probate laws and any potential directives from the probate court judge when setting the price and, in some cases, the timeline.

Due to probate regulations, probate property sales can be both subtly and considerably different from a traditional home sale. Just how different depends on whether the probate court granted you rights of independent administration (full authority) or dependent administration (limited authority).

If the executor is granted independent administration rights, the probate property sale proceeds much in the same way as a traditional property sale. You have the freedom to set the list price, list the property on your timeline and accept an offer without interference from the probate court.

If dependent administration is ordered by the judge this adds to the process requirements for the probate administrator. For example the home must sell for at least 90% of the value established by a probate referee. The court deposit for the sale must be at least 10%. The sale must be published in a general circulation newspaper. The court must petition to confirm the sale and notices given to interest parties. A process is also in place so other parties can over bid the sales price and more.