Issues surrounding the distribution and retitling of real estate is one of the most salient issues in probate law. Insofar as the decedent’s primary residence is concerned, homestead exceptions likely apply, meaning that property will be exempt from creditor claims against the estate. However, the situation can become very complex if the decedent was the sole owner of secondary or investment properties.
Commercial properties, second homes, and investment real estate must all go into the probate estate in order to be retitled to the intended beneficiaries or sold. If these properties are sold, the proceeds will all go into the probate account, where they will remain until all creditor claims are settled and the estate funds are ready to be released.
It is incumbent upon the decedent’s personal representative to issue title deeds to beneficiaries or work with realtors to sell estate-held properties. Sales of such properties are supervised by the probate court, and all sales are subject to approval by the presiding judge.
A wide range of legal issues can arise from the management and administration of real estate, and if you’re in need of advice, you should consult an experienced and knowledgeable attorney.
The legal team at Pollack Pollack & Kogan is here to assist you and your family if you need to retain counsel to fight for your real estate and property rights. To discuss the specifics of your case, please contact Pollack Pollack & Kogan by email at info@PPKfirm.com, or call 305-373-9676.