Probate Real Estate Investing

July 19th, 2009 at 07:09pm Under Probate Law

Are you looking for a ready market of motivated home sellers who are often willing to sell at a deep discount — a market where you’ll have little to no competition at all?

If your answer is ‘who isn’t?’, then there’s a slew of real estate investors who want to tell you their secrets to buying probate real estate. According to many of them, probate real estate sales are easily the single most profitable area of real estate investing.

What Is Probate Real Estate?

When a person dies, their estate – all their worldly belongings – often goes into probate court, where a judge appoints an Executor to oversee its administration. It is the Executor’s job to make sure that the belongings are divided fairly and according to the decedent’s wishes. Depending on the state, the judge may also give the Executor different levels of power.

Why Are The Owners Of Probate Property So Motivated?

In many cases, when an heir inherits property, they inherit a burden. There are estate taxes to be paid, repairs that must be made, even, in some cases, a mortgage or second mortgage that must be kept up to date. Ready cash may be more important to them than any other factor.

Add in the fact that there are often multiple ‘owners’, and many of them may live far away, and you have a situation where selling the house is the best, sometimes only option to make sure that everyone gets their fair share of the estate.

Isn’t It Illegal To Sell Property That Is Being Probated?

It’s commonly assumed that sales of real estate in probate are extremely difficult, if not impossible. The truth is that, in most cases, the Executor has the power to make a decision to sell – as long as he has the agreement of all the heirs to the estate. In some cases, he or she may also need the permission of the court, but even if that happens, the agreement of all the heirs will usually be all the judge needs to approve a sale of real estate. Research the laws in your state for any requirements – for instance, some require that the property be listed through a licensed Realtor.

How Do I Find Properties In Probate?

Wills in probate are a matter of public record. A little research at your local courthouse will get you a list of all wills presented for probate. A little more legwork will turn up records of deeds to properties held in their name. It’s all a matter of a little research to find properties whose owners are eager to sell, and sell quickly.

How Do I Contact People About Buying Their Inherited Property?

Unlike foreclosure sales, where the owners are being forced to sell when they don’t want to, many heirs are eager to sell their property quickly so that they can use the cash realized. You can send out letters or postcards, make a phone call, and even pay a personal visit. Just keep in mind that you are offering a solution that they may not have considered – ready cash. In many cases, they’ll be happy to accept an offer for as little as 75% of the market value of the house just to get it sold quickly, and will do anything they need to do to help the sale go through.

Go to: RealEstateInvestorsLife.com for more info.

A Review of the Probate Property Gold Mine Real Estate Course

July 19th, 2009 at 01:08pm Under Probate Law

If you’ve been wondering how possible it is to purchase Real Estate at cheaper prices, then you might want to take a look at the Probate Property Gold Mine Real Estate Course. According to the headline on the sales page they have the secrets you’ll want to know about that will allow you to get property at 30%-50% below market value. This statement alone should leave you wanting to read on at least a little more.
Before you get started though, we think it’s important that you listen to the message that Paul wants you to hear. However, it wasn’t the first thing that got our attention when reviewing their sales page. It had to be the statement of there being 114 secret properties becoming available to purchase on an hourly basis everyday. Do the quick math and you have yourself over 2,500 available that you can make money from each day.
The Secret is in Probate Property
Most people turn their attention towards foreclosures, especially during this time in our society when people are having to change lifestyles. However, according to the Probate Property Gold Mine sales page the probate arena is where you want to be. If you like stats, we found one area that talks about there being 44% more properties headed towards probate then foreclosure.
If you’re still sitting there wondering what probate property is, in short it’s controlled by a will. The only reason you don’t hear much about this area of the Real Estate industry is because many agents keep it to themselves, then make all the money from it. Not only that, but we also read on their sales page that going probate is much easier then working in foreclosure.
Why is it Easier?
The number one reason is because there really isn’t any competition. Since everyone is overloaded on the foreclosure side, it leaves more room for you in the probate area. Then of course it takes so much longer to get a deal made when going through the foreclosure process. If you’re sitting there wondering how that is possible, it’s because you don’t have to wait for a probate deal to be finalized to buy the property.
There are a couple more avenues as well that you may be unfamiliar with in the probate property industry. Since the foreclosure laws are so difficult to understand and process at times, you will notice that utilizing the probate avenue will leave you with an easier path to both property and money. Not too mention the ridiculous “teeth pulling” when trying to finish up a foreclosure deal.
Our Overall Analysis
In our minds there really is a plethora of information available for you to get your hands on through the Probate Property Gold Mine system. If you wonder why we’re even going over this its because of the fact that we only hit about half the sales page. The other half we will let you read and see if the overall benefits are worth your time and money. It’s safe to say they will, but in the end you’ll have the final say. Hopefully you’ll find what you’re looking for and can make the kind of money you’ve been wanting to all along.

Getting a Speeding Ticket While on Probation – Learn How to Avoid This Mistake at All Costs!

July 19th, 2009 at 07:08am Under Probate Law

If you have just served some time in jail and you are on probation, you are dictated not to commit any other felony for a certain period of tie. You are also going to be monitored by a probation officer (PO). Now, what if you got pulled over the highway for some traffic violation? You may be wondering now, “Is getting speeding ticket while on probation going to hurt my case?”
Not if you clocked just a few numbers up the speed limit… Unless you get charged with stronger cases like Driving while Intoxicated (DWI), Driving under Influence (DUI), hit & run accident, or felonies like drug possession, weapons possession, manslaughter, or robbery – you have nothing much to worry about. A traffic citation couldn’t hurt you unless there are special rules about it in the state where you are.
Although getting speeding ticket while on probation cannot really add salt to your existing injury, it is absolutely recommended that you inform your probation officer about this. This officer should always be aware of your moves and your status in the society while under probation.
It could really make you feel so much anxiety getting speeding ticket while on probation but you shouldn’t. Talk to your probation officer about the citation and ask how this could affect you. If he tells you that there’s nothing to worry about – then you have nothing to worry about.
Should you find it a little difficult to approach your PO, you can use the Internet to search for information about so many things related to probation and a speeding ticket. You will find out that in most states, a speeding ticket cannot really harm your extended rehabilitation under federal observation.
If you can help it, be extra careful about the moves you make while on probation. You may want to refrain from speeding so you won’t be caught in the legal tangle again. You may want to stay on a low while you’re serving probation time.
Probation dictates that you cannot commit a crime or be arrested while seeing the process through. If you got really unlucky and you got pulled over by an officer, you may want to do what you can to avoid anything that will spark the officer up. If he takes you into custody then you will have a problem.
As mentioned, simply getting speeding ticket while on probation should not be something to worry much about. The case depends on the evaluation of the judge. A few MPH over the road limit cannot be all that bad for you.
Steering clear of any violations however small can be your best move while on probation. Be patient about so many things. Be extra aware of the laws wherever you are and be extra abiding. You are still under the rehabilitation system that has tried to straighten you out for sometime in jail. Do what you can to be a better citizen by avoiding citations. Avoid getting speeding ticket while on probation just to be sure.

Shoud You Probate or Not?

July 19th, 2009 at 01:08am Under Probate Law

Estate Planning Basics and the Law

July 18th, 2009 at 07:08pm Under Probate Law

Estate Planning Basics And The Law
Having a plan that determines how your assets are used during your life and after your death is a critical process that requires expert legal advice. Estate planning can help you decide how your assets are distributed. You may need to set aside resources for your long-term care. Plus, you might need to appoint someone to manage your estate in the event that you lose your own ability to do so. You may decide that a portion of your estate should be given to certain charitable organizations. Each of these circumstances can be included in an estate plan with the help of a lawyer.
Benefits Of Planning Your Estate
Without an estate plan, your assets can be distributed in a way that’s contrary to your wishes. When you die, a number of important legal issues regarding your assets emerge. The manner in which your estate is divided amongst your heirs, how taxes are handled, donations to charities and transfers of property are only a few of the many concerns an estate plan can address.
With the help of an experienced estate planning lawyer, you can ensure that your assets will be used according to your wishes. Your plan can distribute assets from your estate to your beneficiaries quickly and seamlessly. Your lawyer can help you determine an executor of your estate in the event of your death. An estate plan can minimize the taxes owed by your estate by giving the allowable maximum to various beneficiaries. If you’re a business owner, you can make sure your business operates uninterrupted by detailing plans of succession and distribution of income.
Potential Pitfalls Of Poor Planning
Millions of people fail to plan how their assets are divided when they die. As a result, their estate often ends up in probate. This is a process that’s best avoided whenever possible. In probate, a court examines a will (if one exists) and divides a person’s assets accordingly. When a will doesn’t exist, the court decides how best to allocate the assets from an estate. The entire process is time-intensive and expensive. You can avoid having your assets end up in probate by hiring an estate planning lawyer to set up trusts and other arrangements.
Using The Law To Protect Your Assets
The law stipulates how your assets can be divided after you die. With the help of an experienced attorney, you can leverage the law to protect your assets. A lawyer can help you ensure your estate isn’t vulnerable to a long and costly probate process. He can help you minimize the tax liability your estate will suffer upon your death. The sale and distribution of tangible assets can be detailed according to your preferences. By planning your estate with the advice of a qualified attorney, you can be confident that your affairs will be in order when you die. Not planning your estate well in advance can lead to an excessive and time costing adventure for your loved ones.

To Avoid Probate You Need a Living Trust Besides a Will

July 18th, 2009 at 07:08am Under Probate Law

Ensuring that a client’s estate does not go through probate is one of the main goals of estate planning. Why? Because probate costs money, takes time, and can cause major aggravation.
First, here are some of the important terms in estate planning: Living Trust – a trust set up during a person’s lifetime (during which the trust may be changed or revoked) to avoid probate.
Probate – the legal process by which a will is proved to be valid and binding (can be a lengthy and expensive process).
Will – a formal legal document directing the disposition of assets upon death.
Why it is important for an estate to avoid probate: In the May 2008 American Bar Association Journal an attorney in Chicago says: “Probate in Illinois is relatively painless, so long as there is no litigation associated with it. Probate requires only two court appearances, and the decision-making does not require court approval, so long as there is no litigation or upset heirs interfering with the administration of the estate.” There can easily be totally unexpected upset heirs interfering with the administration of the estate. And even just paying an attorney’s hourly rate for two court appearances and various court filings can cost heirs a great deal of money.
Probate fees can take a big bite out of a small estate: Attorney’s and executor’s probate fees are set by law in some states, such as in California. The estate’s attorney in California will be paid $13,000 for a small estate of $500,000, which with California housing prices is a small estate. And if the executor doesn’t waive the fee, he or she will also receive a fee of $13,000.
That’s right, $26,000 in fees for an estate that might consist of only a small residence! Plus court filing fees, probate referee fees, certified copy fees and aggravation too much to mention.
Privacy issue – probate is a public process: Another problem with probate is that it is a public process. A will becomes part of the records at the courthouse, and anybody who wants to can read it. If there’s a contentious relative being left out of a will, or if privacy is valued, probate should definitely be avoided.
A living trust solves these problems: What is needed so that an estate doesn’t have to go through the legal obstacles of probate? A will is not enough to avoid probate. A living trust is needed.
A living trust has the same instructions for the disposition of property that would be expected in a will. But since the trust is a pre-existing legal entity, it continues after death. Therefore, the estate does not have to go through probate since there are no assets that have to be “proved.”
Pour-over will takes care of any assets not transferred to the trust: A will is still needed in case there are any assets that have not been transferred to the trust. For example, the proceeds of a wrongful death lawsuit would be picked up by the will because these proceeds didn’t exist at the time the trust was set up. The will “pours” everything it covers into the trust, which is why it is known as a “pour-over” will.
The above information is only considerations for you to discuss with your own estate planning attorney; the information is NOT legal advice. The providing of this material does not establish an attorney-client relationship.

Probate Records – Respecting the Wishes of the Deceased

July 18th, 2009 at 01:08am Under Probate Law

As the name implies, probate records are documents that are kept and maintained by a probate court. A probate court is tasked with determining the authenticity of a last will and testament of a deceased individual. In cases wherein a will does not exist, inheritance laws become the reference for how personal effects, assets and other belongings are distributed.

Estates of individuals often have probate records dating back to the early twentieth century. Information that can be obtained from probate wills include the time and place of death of the individual, the family members that survived him or her, as well as everything that was left behind by the deceased in terms of physical and financial property.

If the deceased person did not have a will, probate records may also include a letter of administration allowing the executor to carry out the distribution of the deceased’s estate as per his/her known wishes.

Online Probate Records – Faster, Easier and Simply More Convenient

If you are disputing a claim over a piece of land that you believe rightfully belongs to you, it would be advantageous to turn to probate wills. More often than not, probate wills also include land records, which help in determining who should be given ownership of a particular peace of land.

Another advantage that probate records have is that they are often very helpful in determining your genealogy. You will be able to trace back the long history of your family through probate wills since the maiden names of women in the family can also be found in these documents.

Trying to access probate records used to be a long and tedious process. It entailed going to the country courthouse where the death occurred. Getting to the county courthouse, there may not even be a clerk or staff member available to assist you with your request for certain probate wills. Sometimes, you will even have to hire an external researcher to do all the leg work for you.

Fortunately, many probate records are now accessible online, helping you do away with the task of sifting through outdated files and documents. Websites offering probate wills save you from traveling from one county courthouse to another and provide organized indexes for finding the documents that you need… fast!

Although complete and detailed probate records may not always be available online owing to the sheer volume of these in existence, you may still be able to find the case file number of the one you are looking for or the date of death of the individual. When you do travel to the county courthouse to ask for the probate wills, providing them with these information will make it easier for them to assist you.

Most companies that allow you to order probate records online also offer compiled records. With compiled records, you can be assured that these were obtained directly from the county courthouse and include all the documentation from the original such as the written manuscripts and verbal testimonies.

Probate – Some Things You Should Know

July 17th, 2009 at 07:08pm Under Probate Law

Assistance From a Wright County Probate Attorney is Always Recommended

July 17th, 2009 at 01:09pm Under Probate Law

Are you looking for an answer to the question: is probate really necessary?  The answer is not always clear. The process of the probate might be different depending on the situation. In some cases you will need the assistance of a Wright County probate attorney to oversee the process and especially when the proceedings require involvement of the probate court. In other situations especially of mentioned in the decedents will, the involvement of the court is not required at all. But probate is necessary whether a decedent has left a will or not.If you are going through the court then your Wright County probate attorney will advise you to fill out certain forms as advised by the court and you will also be asked to appear in the Wright County probate court as well for the following:1.    You will need to provide valid proof of the Will being authentic and original. This is a normal procedure in probate courts in all counties2.    If there is no will in place then the probate court will appoint a legal representative also known as the personal representative who will have the necessary authority to act on various affairs of the estate on behalf of the decedent. The legal representative appointed is normally the spouse and will be responsible for handling and managing the estate3.    You will have to be in the court during the proceedings for identification of the decedent’s assets and will be required to get decedent’s property appraised4.    The personal representative will be responsible for paying off any debts incurred by the decedent and take care of taxes as well5.    The court will ensure the distribution of the property or estate on the basis of terms and conditions mentioned in the decedent’s will if there is one. The assets will be distributed to the heirs or beneficiaries mentioned in the will.The only time, a probate will not be required is when there are no decedent assets. This means that the person who has died did not have any property or assets that could be transferred to his/her heirs. Of course, with the help of a Wright County probate attorney, the children or relative of the deceased person can apply to open a probate only if they find that there are unpaid debts or taxes. In Wright County, the probate can be handled by a personal representative as appointed by the court or by a Wright County probate attorney as appointed by you. The personal representative is also known as the executrix, executor, administrator or even an administratrix. The personal representative is appointed for the sole reason of speeding up the probate proceeding and he/she is given the entire responsibility of handling and managing the decedent’s estate throughout the duration of the probate proceedings.  Of course, the appointment of a personal representative is subject to different probate rules as well as procedures mentioned within the state laws. This is an important aspect of any probate proceeding.

An Anoka County Probate Attorney Can Help in Proper Distribution of Assets

July 17th, 2009 at 07:08am Under Probate Law

Probate in Anoka County is a legal process where one seeks to reach a settlement for the estate of a person who is dead.   An Anoka county probate attorney will be able to help you in resolving any and all claims that are related to the distribution of the decedent’s property as mentioned under a valid will. There are different types of probates but the most common are the formal probate and the informal probate. The formal probate is used more often than not in Anoka County and can be supervised or un-supervised in nature.Formal ProbateFormal probate without supervision can take place only when specific factors come into play like determining the heirs, which would require involvement of the court. But once it has been determined that the court doesn’t need to get involved then it can proceed as a formal probate without supervision or even as an informal probate. In this type of a probate, a personal representative is nominated as it allows the court in making a binding decision, which is related to heirship.Formal probate with supervision will require the involvement of the court. In such a scenario, an Anoka county probate attorney will be able to help you find your way through the technicalities involved. According to the Minnesota Statutes § 524.3-501, once you commence upon a supervised administration of the estate then it will fall under the jurisdiction of the Anoka County Court. The Anoka County Court will then supervise all the proceedings in the case till the time a probate order is decided upon, which approves the mentioned distribution of an estate as well as the discharge of any personal representative. The formal probate with supervision will extend till the time the probate proceedings extend.One of the most important things is to understand when to proceed with a formal probate. Of course, your Anoka county probate attorney will be able to help you through the entire proceedings but there are some things that you need to know like:Real Estate: When it is a question of distribution of real estate then a formal administration will be recommended. The formal administration will not be valid if:•    The real estate is being sold as an integral part of a probate administration•    The real estate in question has been described correctly using the proper legal description and has been devised specifically using a will made to an identifiable beneficiary. Insolvent Estate: An insolvent estate is the one where the debts will exceed the total assets. In such a scenario, formal proceedings will become necessary as this will provide the Judge with the power to decide as well as determine the priority of various payments going to the creditors.No Will: If a person dies without leaving a will then the scenario is known as “intestate”. In such a scenario, it will be left upon the court to determine who the heirs are or locate the heirs of the deceased person on the basis of Minnesota laws.