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Can an heir take out a loan against an estate in probate if the other heirs object?

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2009-12-15 15:57:06
2009-12-15 15:57:06

An heir to an estate that is in probate can receive an "advance" against his or her beneficial interest in the estate. Because the "advance" only affects that heir's share, it can be done without the consent of the other heirs. Most of these transactions are structured as purchase agreements, not interest bearing loans. The advances are also "non-recourse" meaning that if the heir does not inherit enough to pay off the advance, the heir has no legal responsibility to repay it.

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Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.

You need to consult an attorney who specializes in probate. The property cannot be transferred by heirs until the estate has been probated.You need to consult an attorney who specializes in probate. The property cannot be transferred by heirs until the estate has been probated.You need to consult an attorney who specializes in probate. The property cannot be transferred by heirs until the estate has been probated.You need to consult an attorney who specializes in probate. The property cannot be transferred by heirs until the estate has been probated.

The purpose of probate is to allow for an orderly, legal transition of the assets of the deceased to his/her heirs. Those heirs can be named in a Will, or, if there is no Will, then they are determined by the laws of intestacy of the jurisdiction where the deceased resided. Probate is usually needed in either case.

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The estate must be probated and the probate process will vest title in the heirs-at-law. Once the estate has been probated the heirs can execute a deed to themselves.If the heirs wish to change the title prior to the completion of the probate procedure, or the administer can execute the deed, citing the probate, if they obtain a license to sell the real estate from the court (laws vary in different jurisdictions).However, waiting until the probate is completed and the title has vested in the heirs is easier and less costly.You should consult with an attorney who specializes in probate in your area.

Anyone with an interest in the estate, heirs and those that are debtors of the estate can apply to open an estate.

They want to make sure there are no further claims against the estate. Yes it will delay the heirs receiving their distribution.

Answer: The heirs must share the expense of probate if there is no money to pay those expenses.

Generally, your creditor(s) may petition the probate court to commence a probate proceeding for your estate if you have left any assets. Then, the creditor can file a claim against the estate. If you die with no assets in your name, your creditors are out of luck.

You don't. You must probate the estate of the legal owner of the property so title can pass to the heirs. You need to consult with an attorney who specializes in probate who can review your situation and explain your options.You don't. You must probate the estate of the legal owner of the property so title can pass to the heirs. You need to consult with an attorney who specializes in probate who can review your situation and explain your options.You don't. You must probate the estate of the legal owner of the property so title can pass to the heirs. You need to consult with an attorney who specializes in probate who can review your situation and explain your options.You don't. You must probate the estate of the legal owner of the property so title can pass to the heirs. You need to consult with an attorney who specializes in probate who can review your situation and explain your options.

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All of the heirs must be informed and either sign off on the petition to enter into probate or they filer must show they have served legal notice of the probate process.

That is a serious legal situation. A decedent's estate that has real property must be probated in order for title to the real estate to pass to the heirs legally. If there are heirs that cannot be located the administrator or executor of the estate can petition the court for a license to sell the real estate. It can then be sold during the probate proceeding. You need to consult with the attorney who is handling the estate or hire an attorney to handle the estate if a probate has not been filed.

If real property is involved the estate must be probated in court in order for legal title to pass to the heirs. Once the estate has been probated, the heirs can convey their interest in the real estate to whomever they wish. The property could also be sold by the court appointed administrator of the estate by a license to sell real estate issued by the probate court.

The creditors and heirs at law generally decide whether the decedent's estate requires probate.

The real estate would pass according to the laws of intestacy to the heirs of the last surviving parent. An estate that owns real estate must be probated in order for the title to pass to the heirs.

Generally, no. The heirs cannot individually sell their interests until the estate has been probated. The estate must be probated in order for legal title to the property to vest in the heirs. Once title has vested, the heirs can execute deeds that transfer their interests.

In order to transfer the real estate, they will have to have an estate and someone with authority to sell the property. The executor could take a loan out against the property to resolve the debts or to cover costs until sale.

To begin with, the term "After probate" has no meaning for a question like this. "Probate" means the probate of the will to begin the administration of the estate. Debts presented after admission of the will to probate are payable. The real question is whether heirs are responsible for bills received after conclusion of administration of the estate and distribution made to the heirs or beneficiaries. It is possible, depending on the probate laws of the state where probate is. In New Jersey for example, heirs or beneficiaries have to sign a document acknowledging the amount of money they received and promising that if legitimate debts come to light later on, they will return a proportionate share of their inheritance. This is to recognize that legitimate debts of the decedent that would have been paid prior to distribution to the heirs and the heirs would have received a proportionately smaller share of the estate. So although they may have to return some money, they are not really losing any. No heirs are responsible to return more than their proportionate share or to pay more than they received.

With a properly named beneficiary, the death proceeds of an annuity are outside of the estate and transfer directly to the heirs avoiding probate.

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Probate records are public. Anyone can request the file and read through to see how the estate was distributed.

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Creditors have a statutory period in which to file a claim against the estate. If the estate has already been "finalized" then that period must have passed and the creditor is too late. Check with the court.


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