Will And Transfer Of Title
When someone owning a property dies leaving a will, what is the procedure in Georgia for the person who would inherit the property, to inherit the property?
Does the property go to the probate court and get decided there?
How would I buy it from the person who would inherit it but only has a will now?
Your response is much appreciated.
If there is a will, and it's probated, then the terms of the written will, when probated, would set out who the beneficiaries & new owners are.
But you should understand- there's no law that a will HAS to be probated, and I've handled estate matters where the heirs all got together and decided NOT to probate their will, where they all agreed it would be simpler and where it was less costly NOT to probate the will.
So just because there WAS a Last Will, it might never come into "life", as if & until it is probated (filed in probate court), it is not a living or effective document.
Lots of times there is a will which isn't & won't be probated. My guess is that probably 25% of all Last Wills aren't ever probated. And as attorneys' fees climb, this figure will probably grow.
Quote:
On 2004-01-08 21:06, JohnMerchant wrote:
If there is a will, and it's probated, then the terms of the written will, when probated, would set out who the beneficiaries & new owners are.
But you should understand- there's no law that a will HAS to be probated, and I've handled estate matters where the heirs all got together and decided NOT to probate their will, where they all agreed it would be simpler and where it was less costly NOT to probate the will.
So just because there WAS a Last Will, it might never come into "life", as if & until it is probated (filed in probate court), it is not a living or effective document.
Lots of times there is a will which isn't & won't be probated. My guess is that probably 25% of all Last Wills aren't ever probated. And as attorneys' fees climb, this figure will probably grow.
Does that mean it has to be recorded or what?
What happens to the property if the person who has the will (the property is willed to him) files for ch13. Does the property come into the jurisdiction of the bk court? Do I have to get a written statement from the bk trustee to buy the property?
Thanx
Ksmntci An attorney is step one. From there they will admit the will and get the Personal Rep appointed. If the will states that you are to inherit his property you are off and running Time frame for property to be conveyed is about 90 days from filing of notice to creditors, if the subject property is the grantors homestead. Any contracts to sell would be made out to the personal rep of the estate per the will, not the decedent. So if Mike Smith dies and appoints his brother Tom Smith as P.R. But leaves the property to his lover Anna Nichole you make the contract out to Tom Smith Personal Representative of the estate of Mike Smith not the person who is to inherit. As far as conveyance while you are in BK 13 there are many ways to pull this off just not sure how many are legal. <IMG SRC="images/forum/smilies/icon_smile.gif"> [ Edited by rickomarsh on Date 01/11/2004 ]
rickomarsh, so you are saying that I can get a contract from PR and not from the inheritor. In that case, how does the ch13 of the inheritor affect the transaction?
Thanx
Why would a will have to be probated?
Ladybug
Why would a will have to be probated?
"Probated" means proved.
A Will legally doesn't exist if it's never filed & admitted to probate...so it might as well have not been drafted or executed if it's not filed for probate.
Many times there is a will, but the survivors agree to handle the estate as an "intestate" (no will) because it's simpler and cheaper, and there's no real need for the more involved and pricier will probate..
Sometimes there are liability issues that need to be nailed shut, and thus it is determined that a will probate SHOULD be filed, in order to give all potential creditors a very limited time to file and prove any claims they may have...and if they don't, then those claims are legally dead.
But, as I've already said, if the heirs decide on simpler arrangements to take and split the property of the deceased, it's not legally required to probate a will just because it exists...and sometimes it's MUCH simpler and cheaper to NOT probate the will.
Here in WA State, for example we have law that lets heirs in smaller estates elect to file an affidavit of heirship and not probate a will, should this be agreed and their choice.
Lawyer familiar with laws of the state where the deceased died, or where his/her RE is, should be consulted to see how the estate should be handled there. In order to legally clear the title to, and make the RE marketable.
JohnMerchant is right but try and get clear title on a property granny owned in her name but left to you with out going through probate. Fiqure that one out.....
[ Edited by rickomarsh on Date 01/13/2004 ]