When someone passes away, their belongings are distributed to their heirs.
This is usually done in one of two ways: trusts or probate.
Probate is the court process of settling the estate of a person who has passed away.
Trusts are legal entities that can own assets. Trusts can be used to transfer ownership from one person to another.
The biggest difference is how the courts are involved. Property that is left to heirs without a trust must go through probate. This is true with or without a will.
Being a court process, probate takes time. With a trust, there is no judge to wait for, so things can move more quickly.
With probate, all the court records are public information. Trusts, on the other hand, are handled privately.
Most trusts have a single trustee who has authority to sell the home. Some trusts have multiple trustees, so some agreement must be reached among them before the sale can take place.
At Hub Realty, we are well equipped to work with sellers through either a probate sale or a trust sale.