We buy Probate Estates in Seattle, Lynnwood, Bothell, Edmonds, or anywhere else in Washington– 5 Pitfalls of Probate
One of the most traumatic things that anyone will face in life is the death of a spouse, parent or sibling and sadly even though we think we’re going to be prepared for it the reality is that many people are not prepared and if your relative had assets you may find yourself facing Probate. We can purchse Fast in King, Snohomish,or Skagit Counties or across USA.
To avoid the hassle and confusion when it comes to the distribution of assets including real estate in Snohomish County, many people will have a written will and upon their death the will is going to be read.
A court appointed administrator will distribute the assets in accordance with the will but if the deceased did not write a will before their death their estate will be distributed via the probate process.
In this post we will break down the 5 pitfalls of probate so you will be more knowledgeable about what to expect from Washington state probate if you are currently facing it right now or expect to be going through probate in the coming months.
#1 – Probate Can Take Time
The first pitfall of probate is that this process can take time for completion so if you need immediate money right now for paying something that’s time sensitive like a bill, college tuition or medical bill you can expect the probate process to take up to six months or longer regardless if you probate in Seattle, Lynnwood, Mt Vernon or elsewhere in King, Snohomish, and Skagit Counties. The initial hearing can be delayed for as long as six weeks after the probate petition is filed.
#2 – Probate Can Be Costly
Sadly, Probate in King, Snohomish, Skagit Counties can take up to two years if the estate is contested so it’s important for you to be prepared to wait to inherit and it’s also possible for the estate to exhaust itself just to cover legal expenses during probate so you should keep that in mind as well.
Thanks to the American Bar Association(ABA) we know that administrative fees for probate in Snohomish County and nationwide can consume up to 10% of the estate so even though you may be excited about inheriting Real Estate or a portion of the estate the reality is that your share of the estate could be less than you expected especially after any liens or deductions are taken out of the estate.
#3 – Probate Can Get Personal
Regardless if you live in Seattle or preparing for probate in Snohomish County the reality is that probate can get personal because anything that happens in probate will be in a public court so anyone including your creditors, ex-wife, boyfriend or girlfriend can go to court and learn more about the money you expect to receive from your inheritance.
#4 – Probate May Cause Problems in Your Family
Let’s say that you have a large extended family and you’re getting ready to face Snohomish County probate, the reality is that you should also be ready for possible problems in your family especially if your relative or loved one had a significant asset base and the will is contested or the executor of the will isn’t trusted.
You may be surprised to see that your Aunt, Uncle or longtime family friend has an aggressive side when there’s money on the line and this is when the Probate Judge will appoint a probate administer to see if the any claims are indeed valid.
#5 – Probate Can Also Cause Problems for Pets
Another thing to be prepared for when facing Probate in Lynwood, Seattle, Edmonds or elsewhere in Washington State is that pets are indeed considered to be property by the state just like artwork and furniture.
This means that even though you may have been caring for your relatives koi fish before they passed and their koi fish were promised to you the reality is that you may not receive those pets if the will is contested unless your loved one established a trust for their pets before they passed away just so they could make sure that their pets would be taken care of after they died.
ALL PROP INVESTMENTS can Help.
Real estate taxes, utility payments, fixing up real estate to be sold, and lawyers are just a few expenses that can be expected as the process drags on.
Learn More about Selling Probate Houses Fast.
To learn or to more about Probate in Snohomish County contact us by calling 425-273-1125 or Filling out contact form.