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For example, in California, the law states that an executor must sell a home for at least 90 percent of its appraised value. Does an inherited property have to go through probate? Not necessarily.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
In common law jurisdictions, a personal representative or legal personal representative is a person appointed by a court to administer the estate of another person. If the estate being administered is that of a deceased person, the personal representative is either an executor if the deceased person left a will or an administrator of an intestate estate. [1]
The Uniform Partition of Heirs Property Act (UPHPA), completed by the Uniform Law Commission in 2010, contains legal protections for heirs’ property owners designed to address partition sales. The UPHPA restructures the way partition sales occur in states that adopt the act, and generally includes three major reforms to partition law: [9]
The Rule in Shelley's Case is a rule of law that may apply to certain future interests in real property and trusts created in common law jurisdictions. [1]: 181 It was applied as early as 1366 in The Provost of Beverly's Case [1]: 182 [2] but in its present form is derived from Shelley's Case (1581), [3] in which counsel stated the rule as follows:
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Probate researchers are also called heir hunters, heir searchers, probate genealogists, and forensic genealogists. Intestacy laws vary enormously from one country to another, and in the US, they also vary from state to state. Thus, probate researchers must have extensive knowledge of the law to know which family members are legally entitled to ...
An heir will typically have to move assets from the original owner’s account to a newly opened IRA in the heir’s name. For this reason, an inherited IRA may also be called a beneficiary IRA.