You will need to ascertain if the deceased had any debts also known as liabilities including the funeral account, utility bills and Council Tax and sums owed to family members or friends. The liabilities need to be deducted from the value of the assets held do that can determine if any Inheritance Tax is payable. This is all part of the process for applying for a Grant and you need to make sure the figures provided are accurate.
You may need to do some work on the property before you put it on the market to make sure you get the best price. This could include giving the property a clean and a good airing.
You could even buy some plants or flowers to brighten it up. Once you have the Grant you can exchange contracts and after this, the buyer is legally obliged to buy and cannot pull out without incurring fees which means you have secured the sale. For more information see Selling a Probate Property. The nidirect privacy notice applies to any information you send on this feedback form.
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Extra comments optional. What to do next Comments or queries about angling can be emailed to anglingcorrespondence daera-ni. Almost everyone leaves some debt behind. The deceased person may have had a mortgage or credit card bills. And of course, there are burial or cremation expenses that have to be paid, and these are also usually considered to be the responsibility of the estate. Typically, the first payments that are made are the expenses of administering the estate. That means that if you have an attorney helping you sort out the estate rules, an accountant helping you reach a valuation of the estate, or an appraiser determining what assets are worth, those fees are to be paid out first in the process.
After that, the burial and funeral costs take priority. In some states, a family allowance may also be exempted at this time. Following the burial costs and family allowance if any , the executor is next responsible for making other priority payments including medical bills, hospice or nursing facility expenses, and state, local, and federal taxes.
Some medical bills and taxes may even have priority over the family allowance. At JacksonWhite, we can make probate a clear, easy-to-understand process. We can help explain your legal options and direct you to the probate solution that works for you and your loved ones.
When Does Probate Begin? Hire a professional appraiser to determine the fair market value and compare their appraisal against comparable homes in the area that have recently sold. List the home for sale — hire a real estate agent to help you determine the initial asking price and list the home on the market for sale.
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