The Probate Process

Why You Need To Know How It Works

The probate process is not as complicated as you might think and you need to know how it works. There is a good chance you know at least one baby boomer who will pass away in the coming years. They own homes and other assets which will need to be probated by county courts across the country unlike ever before.

The generation before the boomers labeled the “silent generation” was roughly 50 million people at its peak. The baby boomer generation is still the largest active generation in the country at roughly 74 million people between the age of 52 – 70. The baby boomer generation is aging rapidly however  still makes up almost 41% of all homeowners in the market which equates to 32 million homes.

There is also a rising trend in the national death rate which will contribute to the increase in probate cases. Since 2008 the number of deaths per 1000 has started to rise which is a disturbing stat considering the death rate has declined steadily from 1990 – 2007.

data sources for this table below – notes 1-3

With the staggering number of baby boomer homeowners coupled with an increase in the overall U.S. death rate, these factors will trigger more U.S. probate cases around the county than ever before. You need to be prepared to go through the probate process.

Basic Probate Steps

The Probate Process can be very complicated until you understand the basic steps. Understanding the steps will help you efficiently navigate the probate process in most counties so you can move through it quickly.

probate process

You Can Get Through The Probate Process

76% of the population will have an estate value of $500K or less. Estates of $500k or less are generally made up of a personal residence, small financial assets and some personal assets. The financial assets that will have to be dealt with are usually a retirement account, checking / saving accounts and maybe a rental property. Personal assets will include cars, furniture, jewelry, etc.

U.S. Probate Stats

estate value stats
*Note 4: U.S. Probate Stats from Estate Exec

Most people will understand all the items listed above which means their is not much you need to learn to be able to handle a probate with those items associated with it. You probably don’t need to hire an expensive lawyer if the assets of your probate estate are $500k or less. Follow the steps from above and get the probate done quickly.

If you have any questions about the probate process or need help with a home you are dealing with in probate, we are here to help. We buy houses in Dallas from homeowners who need a quick sale. If selling an inherited house house fast in Dallas is your goal, we can help you.

 

Sources:

  1. https://www.macrotrends.net/countries/USA/united-states/death-rate
  2. http://eadiv.state.wy.us/pop/stest01-09.htm
  3. https://www.census.gov/popclock/http://eadiv.state.wy.us/pop/st-09est.htm
  4. Source: Estate Exec