How to Bypass Probate in Nebraska
When you inherit property after the passing of a loved one, the probate process might be the last thing you’d want to navigate, especially if you’re unfamiliar with legal jargon and processes. Probate can be a long, public, and sometimes complicated process.
If you’ve recently discovered that you need to go through probate or are contemplating selling the property you’ve inherited, this guide is for you.
First off, before we get into a few ways to bypass Probate, let’s clear the air on some concerns.
Why Should Property Heirs be Concerned About Probate in Nebraska?
1. Time-consuming: Probate can take a significant amount of time, especially if the will or its provisions face any contestations. The property might be tied up for several months, delaying your ability to sell or renovate.
2. Privacy concerns: Probate proceedings in Nebraska are public. This means that the distribution of the estate, its value, and beneficiaries all become a part of the public record.
How Can Heirs Bypass the Probate Process?
Unfortunately… All these 5 methods to bypassing probate must happen BEFORE someone passes — while the owner is alive.
(We do have one method below where you can avoid the COSTS of probate)
If you own a property in Nebraska, you should consider implementing one or more of these so that you’re heirs don’t have to deal with pains of Probate.
1. Use Payable on Death Accounts: Convert your bank and retirement accounts to payable on death (POD) accounts. By naming a beneficiary, the funds directly transfer to them upon your death without the need for probate.
2. Joint Ownership: By holding a title with someone else, like a joint tenancy, the property automatically passes to the surviving owner, avoiding probate.
3. Gifting Assets: One can gift their assets while alive, removing them from the probate process. While this method might be suitable for smaller assets, gifting significant properties like houses means you relinquish control.
4. Small Estate Shortcuts: If the total estate value is under $50,000, Nebraska provides options like the small estate affidavit to expedite the process. Another shortcut is the Summary Administration, suitable for estates under $200,000 or other specific conditions.
5. Establish a Revocable Living Trust: A popular and comprehensive way to avoid probate. Properties within this trust aren’t considered part of your probate estate after your death, facilitating smoother transitions to beneficiaries.
Should You Consult a Professional?
Absolutely.
(And we can help with that — just contact us and we’ll refer you to a trusted Probate lawyer in Nebraska!)
Especially if you have minor children or beneficiaries with unique needs, navigating the probate process or trying to avoid it can become complex.
Engaging with an experienced attorney can ensure you take the best path forward, keeping in mind the interest of all involved parties.
How to go through probate without paying for it
The simple answer to this is selling it.
As we say in this article.
Probate (even with a will) cannot be avoided once the owner is deceased.
And it’s costly.
And you might WANT to sell the property you’re dealing with, for one simple reason:
To pay off the debts and cost of probate
If there’s equity, it can be a really clean and efficient way to pay off anything that the deceased owner and/or property owed.
Selling Your Inherited Property at No Cost
For heirs faced with the complexities of probate, especially when funds are tight, the associated property can appear as both an asset and a challenge.
However, with a streamlined solution in place, this process can be made efficient and stress-free.
Zero Upfront Costs with a Trusted Homebuyer:
By choosing to sell to a trusted homebuyer, heirs can tap into a comprehensive solution that alleviates financial strain:
1. Immediate Referral to a Probate Attorney: Once the decision to sell is made, the trusted homebuyer refers heirs to a proficient probate attorney. This attorney specializes in handling probate cases and is well-versed with the intricacies involved.
2. No Out-of-Pocket Expenses: The unique aspect of this collaboration is that the heir doesn’t have to pay any upfront costs for the probate process. The attorney handles everything without demanding immediate payment.
3. Property Sale Facilitation: Instead of listing the property and waiting indefinitely for a potential buyer, the trusted homebuyer streamlines the sale, offering a timely and fair transaction.
4. Settlement from Sales Proceeds: Once the sale is completed, the proceeds from the transaction are used to cover the probate costs, attorney fees, and any other associated expenses. This ensures that the heir is never out of pocket.
5. Peace of Mind: By choosing this route, heirs bypass the usual stressors of the real estate market, from home showings to buyer negotiations. Additionally, they have the assurance that all legal processes are expertly managed.
Need to sell your inherited property?
Give us a call/text for an offer: 402-413-0424
We’ll help you navigate the Probate Process cost free