We all know that feeling of losing a loved one. This is a very difficult situation for anyone to be a part of. Trust me, we sympathize with you. If this person passed away unexpectedly, you may be left wondering what to do with their property.
You’ve most likely found out that a property must go into probate in Louisville in this type of situation. But, who wants to go through all of the legal hoops? Is there a way to avoid it? The short answer is, most likely not, but there is a little bit of wiggle room that may allow you with a way to skip probate.
If the person who passed away put their home in Louisville into a living trust, this would automatically avoid probate. This is the easiest way to avoid it because technically the trust owns the home now. But, if the person who passed away put into their will a testamentary trust at their death, then that opens another bag of issues.
When someone puts their home into a testamentary trust, they usually will have an executor listed as well as a trustee for the trust. The executor must follow the wishes of the deceased and transfer ownership to the trustee. Now, here is the loophole, if you are the executor and the trustee, then you are able to sell the property on your own and you do not have to go to court. But, if the executor and the trustee are different people, a judge will be needed for property in Louisville.
Jointly Held Real Estate
If the property is held by joint tenants, with the right survivorship, this can bypass probate in Louisville. This means that if you are the executor, you would have no involvement with the house at all. The ownership of the home would be passed to the surviving owner. So, if a husband passed away and his wife and kids were living in the home, the home wouldn’t need to go to probate because the wife would just take control and become the sole owner of the home.
Independent Administration of Estates Act
There is a chance that the Independent Administration of Estates Act will help you avoid probate in Louisville as well. There is a certain situation where you can get away with not going to court for probate. This situation usually involves having a buyer who will pay over 90% of the value of the home. This has to be approved by the court, but you would avoid the whole probate process.
Now, this may sound like a lot to swallow. Fortunately, we buy houses in any condition and we can help you avoid the bouts that come with selling a home in probate in Louisville. We will buy your house for cash in 7 days. Fill out the form or call us at 502-822-5377 today to get your cash offer.