By Sandra Kilgore, GRI, ABR, SFR
Having a will can save your family time and money.
A will on an inherited estate is a legally written documents outlining what happens to property after the owner is deceased.
Usually the author of the will is the sole owner of the property and has complete rights to draft the will in favor of legal heirs, or individual(s) he or she wants to inherit the property. The legal will nominates an executor who has authority to oversee the proceedings of the inheritance and ensures that the transfer of title happens as stated in the will.
The will concerning the estate makes the process of inheritance indisputable. However, if there is no will in place, the established legal law that governs your state comes into play, and may need the court to intervene to settle issues.
If the executor mentioned in the will is unable or unwilling to serve, a document will be drafted to appoint a new executor. The present executor will have to draft written document declining the appointment. The new executor can be selected by the majority of the beneficiaries.
It is essential to file the will of the deceased with the probate court. Unlike bank accounts, real estate properties will not automatically pass on to the co-owner who survives.
The laws vary between states as to what happens to a deceased person’s property who dies without a valid will. If the deceased person is married, the surviving spouse will get the largest share of the estate.
*Always consult with an attorney for advice, so all parties involved are protected.
Sandra Kilgore GRI, ABR, SFR