When a deceased owner has left a will, the document must be probated. The etymology of this word, “probate” is from the Latin verb, “probare”, which means to try, test, prove, or examine, and this term means that the document must be proven as valid. Usually, probating an estate of a deceased owner is quick and painless, unless there are one or more heirs contesting the contents of the will. Probate problems can cause a delay of several months or more if the inheritances are contested. These delays may cause problems for family members who are inheriting real estate or other valuable items they do not want or cannot keep, and fiduciary loans or inheritance loans are often a smart financial option for the potential inheritors.
The process of probating an estate also includes notifying creditors being notified of the deceased owner and legal notices published.The executors of the will, whether they are family members named in the document or the legal counsel that helped draft it, must be guided in when and how assets should be allocated and the creditors’ right to satisfy the debt. Executors and potential inheritors may use their advances to set up the sale, staging, or repairs that will expedite the process of selling real estate in probate.