Navigating probate can feel overwhelming, especially while grieving the loss of a loved one. As a family-run business that’s helped many Edmonton families through this process, we’ve compiled five essential insights about handling a house in probate that every heir should understand.
What Is Probate?
Probate is the legal process that follows someone’s passing to settle debts and distribute inheritances to heirs. While laws differ between provinces and territories, certain aspects remain consistent everywhere. To legally claim ownership of a home after someone passes, you’ll likely need to go through probate. When there’s a will, an executor is already named. Without one, courts appoint an executor to manage the estate and oversee the entire process.
The Will Needs To Be Proven Valid
After a death, you must notify the court to begin a probate case. You’ll need to submit the will along with evidence proving it’s valid. For a will to be considered legal, several requirements must be met: clear intent, the person must have been at least 18 when signing, and two witnesses must have observed the signature and date. Courts only recognize wills created voluntarily by someone of sound mind at the time of creation.
You Will Need To Notify Creditors and Heirs
Following your loved one’s passing, you must inform all creditors and potential heirs about the probate case. Sometimes, you may even need to publish a notice in the newspaper. The estate must pay all legitimate debts like credit cards and personal loans. Don’t forget tax obligations – you’ll need to file the deceased’s tax returns and address any inheritance taxes due. This step can be particularly challenging for families dealing with older Edmonton homes that have been in the family for decades.
You’ll Need To Take Inventory Of The Entire Estate
Beyond real estate, courts require information about all assets – stocks, bonds, vehicles, deeds, bank accounts, and any valuable items. These assets factor into debt payment and distribution among beneficiaries. For this crucial step, working with a probate attorney is highly recommended to ensure everything is properly identified and accurately recorded. This is especially important with older Edmonton properties from the 1930s-1980s that may have accumulated various modifications or additional structures over the years.
The Process Can Be Time Consuming
As the executor, you may find yourself buried in paperwork, endless phone calls, and court hearings that consume significant time. Cases with a will typically progress faster than those without one. A will establishes a clear plan, leaving fewer decisions to the courts. While some probate cases conclude within months, others can stretch over years. Being organized and having documentation ready will significantly streamline the process – something we’ve helped many Edmonton families navigate since 2018.
You Can Sell The Property While In Probate
A straightforward solution for a house in probate is simply selling it. For intestate estates (no will present), the house must be sold through probate courts – a highly regulated process with court fees and specific procedures. These requirements vary between provinces and territories.
However, with testate estates (where a will exists), the executor can petition courts to sell the property themselves. This option helps avoid court costs while maintaining greater control. For those seeking further savings and simplicity, selling to a professional buyer familiar with probate – like our small family-run business – may be ideal. When working with YEG Home Buyers, you avoid expenses typically associated with Edmonton real estate agents: no commissions, repair costs, or marketing expenses. As renovation specialists who focus on one project at a time, we’re particularly interested in those 1930s-1980s bungalows, split-levels, and character homes.
Heirs are often surprised by inherited properties and may neither want to keep them nor have the financial means to do so. In such cases, investing in repairs, upgrades, and listing costs becomes impractical. By selling their inherited Edmonton house directly to us, they can quickly convert the property to cash, settle debts, and divide proceeds according to court instructions. We specialize in buying dated, run-down homes that need work – exactly the kind many people inherit but don’t want the hassle of renovating.
Before considering selling your inherited property in Edmonton, always verify you have the legal authority to proceed. Our no-pressure approach means we’ll educate you on your options and give you all the time you need to make the right decision.
In summary, probate is a legal process following a death to settle debts and distribute inheritances to heirs. A will must be valid, and the executor must notify creditors and heirs about the probate case. The estate must pay all legitimate debts and address any inheritance taxes. Working with a probate attorney is recommended for inventorying assets. The process can be time-consuming, but cases with a will typically progress faster. Selling the property can be a straightforward solution, with intestate estates through probate courts or testate estates with a will. A professional buyer familiar with probate can help avoid court costs and simplify the process.