We have had several transactions this year with clients who are part of an estate, or are going through the probate process. We have compiled a list of recommendations for going through the process and have included a few financial planners and attorney’s who can assist with preparing the necessary documents to get through a transaction.

Most people avoid thinking about, let alone planning for, their death. Relieving your families of the burden of having to do it for you is a demonstration of consideration, kindness and love.
Estate-planning advice often revolves around the choice and creation of legal structures and documents, such as wills and trusts. Indeed, these are critical tasks and you should consult a knowledgeable trusts and estates attorney to get them done right. However, before determining which structures to use for your estate-planning goals, you first need to figure out exactly what those goals are.
The most basic estate-planning issues to address are 1) how much you can give, 2) who gets your assets and 3) when, either during your lifetime or after your death. These three issues are interactive. A change in one can affect the others and the outcome of the estate-planning process.
A few words of caution (and encouragement) before beginning: Estate planning is a complicated and highly personal endeavor, with many moving parts. It’s usually best to proceed methodically, breaking down the project into manageable steps and then completing one at a time.

Amy Zscheile, at Land Title, provided the following requirements for a seller when going through a transaction on the “title side.” These are the documents you will be required to provide to a title company during the sale of your home.

Estate Requirements for Seller

1. Certified Letters from the probate court to appoint a Personal Representative to the estate.
2. Title will be conveyed to the buyer via Personal Representative’s Deed. Title companies cannot prepare PR Deeds and such will need to be obtained from an attorney.
3. Evidence of the payment of federal estate taxes.
4. The estate can obtain a tax identification number prior to the closing , or we can report the 1099 IRS reporting to the decedent’s SS#.
5. Sale proceeds have to be paid to the estate. If the estate does not have an account to deposit or to wire the funds into, such an account will need to be set up in advance of closing.

Feel free to contact me should you have any questions!
Amy Zscheile, Closer
970-267-5019
azscheile@ltgc.com

***The above information is provided as general information as a courtesy only. Each real estate transaction is unique, and additional requirements could be necessary depending on the circumstances.

Sources: Forbes