Inheriting a property or dealing with the estate of a deceased loved one can be very challenging for a number of reasons. The emotional challenge is the biggest and most difficult. Then there is the unfamiliarity of the process. One of the most daunting tasks in such situations is navigating the succession process, which involves transferring ownership of the property to the rightful heirs. At NOLA Buys Houses, we understand the difficulty involved in selling inherited property and we work hard to make the succession process as seamless and stress-free as possible. In this article, we’ll explore the succession process and explain how NOLA Buys Houses can help simplify it for you.
Understanding the Succession Process:
Succession, also known as probate or estate administration, is the legal process of transferring the assets of a deceased individual to their heirs or beneficiaries. In the context of real estate, succession involves transferring ownership of a property from the deceased person’s estate to their rightful heirs.
The succession process typically involves several steps, including:
- Filing a Petition: The process begins with filing a petition for succession with the appropriate court. This petition initiates the legal proceedings and sets the succession process in motion.
- Notification of Heirs: Once the petition is filed, the court will notify all interested parties, including heirs, beneficiaries, and creditors, of the succession proceedings. Typically, in our real estate transactions, all of the heirs are involved so we can skip this notification process. Sometimes, relatives cannot be located but that’s ok, we have a solution to that as well and in that case notification and/or publication of the succession is needed.
- Inventory: The executor or personal representative of the estate is responsible for compiling an inventory of the deceased person’s assets, including the property to be transferred through succession. The title attorney will walk you through this step to make sure you have everything covered.
- Settling Debts and Liabilities: Before the property can be transferred to the heirs, any outstanding debts, taxes, or liabilities of the deceased person’s estate must be settled. This may involve using funds from the estate to satisfy these obligations. Anything owed will simply be taken out of the sales proceeds at closing and paid by the title attorney. No need for anyone to come out of pocket up front to pay anything.
- Distribution of Assets: Once all debts and liabilities have been settled, the remaining assets of the estate, including the property, are distributed to the rightful heirs according to the terms of the deceased person’s will or state law.
Simplifying the Succession Process with NOLA Buys Houses:
Navigating the succession process can be time-consuming, expensive, and emotionally taxing, especially for families already dealing with the loss of a loved one. At NOLA Buys Houses, we’re committed to simplifying the succession process for our sellers and providing them with a hassle-free solution for selling inherited property.
Here’s how we can help:
- Experienced Title Attorneys: We work with experienced title attorneys who specialize in handling successions. These professionals have in-depth knowledge of Louisiana succession laws and procedures, allowing them to work through the process efficiently and effectively.
- Cost-Effective Solutions: Our title attorneys offer cost-effective solutions for succession, saving you time and money. Unlike traditional succession attorneys who may charge hefty fees upfront, our title attorneys are willing to defer their fees and deduct the cost from the sale proceeds of the property. Plus, you will find they are typically 25-40% cheaper than outside succession attorneys.
- Streamlined Process: By working with our trusted title attorneys, you can enjoy a streamlined succession process with minimal hassle. Our attorneys handle all the legal paperwork and administrative tasks associated with succession, allowing you to focus on more important matters. Outside succession attorney’s usually stick you right at the bottom of their stack and get to you when they can. Even simple successions can take months. Not with us! We work closely with you and the title attorney to make sure we get successions done in weeks. If there are issues or hurdles, we all work together to get them resolved ASAP.
- No Upfront Costs: One of the most significant benefits of working with NOLA Buys Houses is that you don’t have to worry about coming out of pocket for succession costs. Our title attorneys will cover the upfront costs of succession and recoup their fees from the sale proceeds of the property, ensuring our clients have no out-of-pocket expenses. This is especially beneficial when there are a bunch of people involved. Trying to get with everyone to come up with their portion up front is often a big challenge.
Selling inherited property and navigating the succession process can be overwhelming, but it doesn’t have to be. At NOLA Buys Houses, we’re dedicated to simplifying the succession process for sellers and providing them with a hassle-free solution for selling inherited property. By working with our experienced title attorneys and leveraging our long-standing relationships, we can help you navigate the succession process quickly, cost-effectively, and with minimal stress.
If you’re considering selling a property you inherited in the New Orleans area, we can help. Call NOLA Buys Houses today at 504 264 1407 or send us a message to find out more about us and our process. We can give you a cash offer on your home in 24 hours and there is never any obligation to work with us. We are on call 24/7 and are here to help!