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Probate Process | Steps in Estate Settlement  

Probate Process

Step 1

In most cases, the person requesting appointment as personal representative (executor or administrator) hires an experienced probate lawyer to prepare and file a Petition for Probate.

 

Probate Process

Step 2

The probate lawyer, or the petitioner arranges to mail notices to everyone named in the decedent's Will (when there is a Will) and all his/her legal heirs about the death and the probate hearing.

The notice must also be published in the newspaper where the decedent lived to let creditors know about the hearing.

Notice gives everyone notified an opportunity to object to admitting the Will and to the appointment of the personal representative.

 

Probate Process

Step 3

The hearing usually takes place several weeks after the matter is filed. The purpose of the hearing is to determine the validity of the Will and to appoint the personal representative.

Sometimes, the Court will need the people who witnessed the decedent's signature on the Will to sign a declaration.

If there are no objections, the court will approve the petition and appoint the personal representative.

 

Probate Process

Step 4

The personal representative must identify, take possession of, and manage the probate assets until all debts have been paid and tax returns filed. This process usually takes about a year.

Depending on the terms of the Will (if there is a Will), and on the amount of the decedent's debts, the personal representative may have to sell real estate, securities or other property.

For example, if the Will makes cash gifts but the estate consists mostly of valuable artwork, the art may have to be appraised and sold to produce cash.
Or, if there are unpaid debts, the personal representative may have to sell some of the estate property to pay them.

 

Probate Process

Step 5

After paying the debts and taxes, the personal representative must file a report with the court. The report accounts for all income received and payments made on behalf of the estate.

The judge will then authorize the personal representative to divide the remaining property among the people or organizations named in the Will.

 

Probate Process

Step 6

The property will be transferred to its new owners.

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Estate Settlement Steps | Time Line

Estate Settlement Steps | Dealing with Probate Professionals Checklist

 

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  •  Executors or control persons are often located out of town.
  • Estate attorney may be hard contact or communicate with.
  • Time delays due to court / executor / trustee approval process.
  • Unoccupied residence may not "show well".
  • Valuable personal property must be properly secured.
  • Household items must be properly allocated or disposed & records kept.
  • Importance of accurate, independent and objective appraisals.
  • Importance of having an; insurance, security and housekeeping / maintenance plan.
  • Multiple beneficiaries increase the likelihood of family disputes.
  • Emotional strain on family; grief, emotional paralysis and guilt associated with disposing of loved ones property.

 To establish a probate real estate marketing plan go here

To Join our Probate Realtor Linkedin Group  go here

By understanding and professionally addressing these unique needs a probate realtor can become an important asset in settling a family's estate. Skills established in this niche area will be rewarded by building of a "reputation of excellence" with estate attorneys and other professionals.

 

 

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#1 What do people use the internet for?

 It you can't answer this one, there is no sense going any further.  Let me give you my take...the internet is in "business" to GIVE information. If you don't like to give information that the common person has in interest in than don't waste your time. While this is so obvious, it is the number one reason that people fail regarding their web pages success. 

They believe because they have been in business for 25 years or went to Harvard Law School that some how they will be treated special and get more and better traffic to their site.  The good and bad news is that Google and most web users don't really care how long you have been around in the non digital World or about your Ivy League education.

 Both Google and your prospective clients have their own agenda that trumps yours. The sooner you accept this and EMBRACE their agenda the better you ride on the internet super highway will be.

 #2 It NOT About You... 

  • Is your web site loaded with platitudes about?
  • How much you care
  • What great service you provide
  • How talented you are
  • How great your background (bio) is

 Are all the pictures on your website about you and your company?  

We all want to create an image of professionalism and care. But do you and your web site have the "goods" to DEMONSTRATE that you do care and provide great service. Does your site provide EVIDENCE that you are skilled and talented and well worth the price that people pay to employ you? 

The internet also allows consumers to brutally compare one service (product) provider with another if you are "all talk" with no verifiable substance then you should be discarded on the digital trash heap. 

#3 Be a good Barnacle...

Some of the biggest offenders of this practice are the "Big Boys" players in most industries. 

Historically they have collectively piled hundreds of billions into advertising to create 30 or 60 second sound bites via the "old media" to brain wash us all into believing in their "brand" is superior.  They could dominate the marketplace because only a few competitors had the capital to slug it out.  

Our little secret is that the internet changes all that, and the big guys "brands" are more vulnerable than the Titanic in an ice field.  The little guy now can create a full featured value proposition via their web pages that makes the "brand" marketer look as cheesy as a carnival barker. Make no mistake brand name flagships are under attack by microscopic organisms.

Most of their "old economy" brand based flagships are useless to fend off the sea of deep eating barnacles that are headed their way. Nor do most of them have the crew to manage the gathering rough seas of the internet. They just like serving Champagne to the privileged in first class too much.

 OK, now for the gritty details.  You're one the barnacles working below the water line.  If you are good enough to be a deep eating barnacle you and the others will sink the flagship.  Then you will have to compete, with the real competition, the other barnacles for the booty in the marketplace.

 With the spoils you should built a boat that you will be happy with. Maybe it's a nimble kayak or net flinging fishing boat, or a self propelled (economical) sailboat you're the captain of your ship (just don't build a Titanic).

One other thing... if you like being a captain of a kayak don't rule out being an admiral of a fleet.  Remember the vastness of the internet can provide you with a World Wide trade route, you just have to have the right "Goods" on your boat to trade with.

Build the most well crafted boat (fleet) thru extensive research, innovative and creative application of giving. Now is your shot to be truly unique and dump the competition.

Hint: Trade in your real estate web site for a lifestyle advisory dream site.

 More coming...

 

Brian French Internet Strategist, owner of 25 website (kayaks)

 

Special niche section for probate real estate agents

Go to : http://www.Probate-links.com

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There is no time like the start of a new relationship with a client to show your different than "all the other real estate advisors".

But to have a client for life you have to go beyond the norms of "business as usual".

At the initiation of probate or estate settlement I recommend to my attorney  and realtor clients that they send a personal and appropriate gift to the estate executor or trustee.

The perfect give I have found is a book written by Angie Morris Epting called "The Settlement Game".

This book is all about how to divide family assets without tearing the family apart. I can't think of a more important book, to help a family in their time of need. The book may save you (the attorney) from needless inter family hassles too.

But here is the kicker... For $39 Angie will sign the book and write a brief message of encouragement and note that you (the attorney or FA) were thinking of them and thought you might like this book.

She will also gift wrap and mail it directly to the client.

All of my attorney clients who have done this have turned their clients into raving fans and referral magnets.

It's good business to be kind and thoughtful... so give it a shot:

Here is Angie's e-mail: angieeptingmorris@gmail.com

Here is her web page: http://www.thesettlementgame.com/content/

To be viewed as different... you have to act different!

 

1. In baseball if you fail only 7 out of 10 times you might end up in the Hall of Fame. With this fact players are eager to get up at bat they "dare to fail". Pretty much all teams in baseball win 1/3 of there games and lose 1/3 of there games. It's the other 3rd that determines success. Can you risk failing in public like a ball player does (in front of 30,000 angry fans)?

Do you take baby swings in life or simply bunt or hope for a walk?

2. Life like baseball has a long season. After 162 games the different between the # 1 team and the #2 team could be a few "bounces of the ball". To stay focused during so much chaos, uncertainty and pressure is an act of courage and emotional strength.

3. Baseball players work long hours and have a strong support network. Baseball players get to the park in the early afternoon they practice (to constantly refine their craft) and then wait for hours (they are patient).

Every player on the field is moving with every pitch in anticipation of action. (Constantly prepared to perform). Games start a 7:05pm and end at around 11:00pm by the time they unwind, eat and go to bed it must be 1:00pm (they work long hours). They are on the road 50% of the time their families make big sacrifices too.

4. We all go through slumps in life and we all make errors. People cheer when we win and boo when we lose but we are the same person regardless of the result. A lot of things in life are out of our control.

The most loyal fans in sports Cubs and Red Sox have tasted the most bitter defeats. But, it makes the Glory to come even more powerful. (thanks Billy B.) We are at our best when we forgive ourselves or our team mates and press on.

5. Don't ever lose the passion to win in the big leagues. Don't settle for a mid level (minor league) job that you could easily succeed at. Reach for the glory of the big leagues and have the courage to swing at every good pitch and slide hard into home.

6. Some day the game will be over, no one plays or lives forever. Make the best use of your time. Leave a legacy of goodwill behind with fans, team mates your community and organization. Coach others and share your wisdom. Give them your respect and love regardless their results!

How I help real estate agents in a unique way..

 

 

1. Houston we have a problem...
The biggest roadblock to progress is the stubborn devotion to the past and not challenging the status quo. A crisis need not be paralyzing but can be liberating. Unleash your creativity vision and passion!

2. To build something GREAT something has to come down first....
When you build a grand house or virtually anything worthwhile you have to take down some trees and push some dirt around. For meaningful progress; bulldozers work better than garden trowels. Be bold but patient, hold on to your vision and understand that things always look messy and confusing when they are "under construction".

3. New winners and opportunities....
The new winners embrace change, the losers long for yesteryear. Small guys can "run for daylight" when the big guys fall to the ground. Those who want to start the game over can race across the new victory line of their choosing vs. riding that old dead horse, down that worn out path.

4. Wisdom and creativity beats smarts every time...
If you lived through a crisis you learned a lot about yourself; your strength and weakness's. When we are "riding high on the ego train" we don't learn that much and act too cool. Humility comes before honor. Simple truths are now pursued, not complex errors. The school of hard knocks gives the noblest of degrees.

5. The friends you find under hard times are keepers...
If you have a friend in a crisis the "true you" is validated as being more "lovable" than you could have imagined (kind of heartwarming isn't it?. Your true wealth was more than you thought. A man that has friends cannot fail. Be grateful for this blessing... look around and be a blessing to others. Spread the wealth!

What was the "crisis" all about...? ...I forget.

Feedback welcome!

How I help real estate agents in a unique way

 
 

Brian French

Brandon, FL

More about me…

Estate Settlement LLC

Office Phone: (813) 944-3190

Email Me



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