Are you looking for a way to to acquire a high-end piece of property in Connecticut? It may not be necessary to sift through endless listings or settle for less than your ideal.
Even in times when it’s a seller’s market and good property is hard to find, probate sales offer a way to maximize your investment or find the home of your dreams.
How probate works in Connecticut
In Connecticut, estate matters are regulated under Title 45a and administered by a probate judge who is elected in each district. Probate courts oversee wills, trusts, and guardianships as well as other estate administration matters.
The will must be filed with the court in the district of residence within 30 days of a death. Once the will is filed and validated, the estate must be settled, bequests dispensed, taxes paid, and debts discharged.
After that time, the property is open and ready to offer on the market.
Why does property land in probate court?
Although estates valued at more than $40,000 at the time of death must be settled in probate, most property is passed to the decedent’s heir(s) through their will, via survivorship, or as part of a trust. However, there are cases when the property will be put on the market and sold.
If the property is to be sold, an accredited Realtor® is necessary to facilitate the sale. This is due to the complexities of such transactions, which often involve multiple parties and must be managed within a set time frame according to the terms of probate court.
The sale can be initiated by the executor or legal heir once any debts and other bequests are settled. Otherwise, a sale will be ordered by the probate judge.
This will be he case when:
• There are no heirs
• The property owner dies without leaving a will
• The property is excluded from a will or trust
• The sale is necessary to settle debts
Real estate is all about location. Property is always a good investment when you can find it at the right price in a high-quality area. Probate sales fulfill these criteria while offering a solid ROI.