But you still have to get the court approval to do that. Right. So yeah, there’s just less of a process then it helps expedite a little bit. But Nevada as a process is already kind of expedited, so it doesn’t make a big difference. Now if you’re in a state like California, they have a provision that if you have the poor will and you intended that you don’t have to go through court, but Nevada doesn’t have that statute. And so it still is, is the work there. So that’s where, um, you know, really having ownership and title, um, you know, maybe that’s another podcast idea we can, we can do titling of your home is, is a huge deal. So, you know, let’s say you have husband and wife that own the house, but it’s as tenants in common, you know, it’s no, they don’t know what they’re doing with great Trust Attorney Las Vegas.
Unfortunately they, they say, Hey, you know, how do you want to tile? They say, Oh, I heard tenants were good. So we’ll do tenants in common. What that means is you each own your 50% and penalty and if you die, the other one keeps their 50% but the other one has to go through probate with Trust Attorney Las Vegas. So we have to get just to get to the husband, wife versus joint tenants with right of survivorship, it goes to them without having to go through probate court. Um, so it’s just an interesting thing. So let’s say somebody doesn’t plan, do you know what the probate process is as far as the real estate goes? Can you, can you sell the house? If it’s in mom and dad’s or dad’s name and he died, it has to go through probate. Yup.
Yeah. It has to go through probate. And then there are probate fees and you know, you take, you take a chunk out of the value of equity that would go to, to the survivors and beneficiaries. Anyway, so it’s a, it’s a very, very tough experience. And you and it also, it can be bid on by the public for solid Trust Attorney Las Vegas. So you know, you could have the family there saying, yeah we, we want the home, we want to keep the home and then someone can come in and outbid them and take them home.
Yeah. You can’t do anything that’s, under fair market value. So let’s say, yeah I want, I want my, you know, one of the kids wants to take it. So they say, okay we’ll give it to them at a discounted rate. But guess what, the probate court does have to open it up to auction and then they lose that house cause it’s, it’s done through that, uh, through that probate process. So it’s not a fun thing. The other thing I’ll add is the timeline. You know, if it’s in a trust, once you have a death certificate, whoever’s the successor trustee can sell the house, you know, that day cause they’re authorized to do that. So we’re talking maybe 45 days after death is probably the fastest you could get that sold. But that’s still pretty quick versus probate at least a year at least. That is brutal without proper Trust Attorney Las Vegas. And with the market changes that as fast as they can come, it can be a huge loss. Now it could also be a huge benefit but most likely, you know, they need the money for something or they need to stay in the house and somebody needs to pay the property taxes on them. That can be done. But it just makes it a lot more difficult.
Yeah, it’s a very tough process. So I would, I would make sure that you, you set everything up correctly. Again, this is seeking professional advice and making sure that you, you do it all and it takes a team, right? Because you know, you have the real estate perspective, like what we just discovered and it may not know how to properly set up a trust or a will. So seek legal counsel, talk to your real estate agent, do it all because it’s, it’s important. They’re going to protect your most important asset and your family’s most important assets to get the top Trust Attorney Las Vegas that you need.
Yup. And so I would say, um, you know, for the real estate side, you want somebody who’s done the probate process before because it is a completely different animal from selling a housing perspective because you have to know, Hey, I gotta put contingencies in there about the probate court approval. I’ve got to schedule out timelines, at least triple what I normally would and those kinds of things. So that stuff was, from an attorney perspective, I want to talk to the realtor about what’s going on, but I also want to deal with somebody who’s experienced, right? So I think that transitions well to right? How, let’s say people are out of Vegas and they can’t use you with solid Trust Attorney Las Vegas, or even if they’re here and they for some reason don’t want to, and I wouldn’t recommend that, but let’s say, how do they find a true trusted realtor that is going to have all those qualities that you talked about? You talked about interviewing several, I know that was one point, but what else should people be looking for? What questions should they ask when they’re interviewing?
Um, ask how many years you’ve been in the business. Ask how many homes you’ve sold, ask, uh, what do you know about my neighborhood? Um, and what kind of buyers are, are interested in my home. There’s big data out there now for everything. And if real estate agents are savvy and they’re investing in there, in their profession, which they should be, they’re going to, they’re going to likely be paying for big data, which can essentially predict the buyer that’s going to be purchasing your home, at least the general demographics of it, which then allows them to market to, uh, the buyer pool properly. Um, all of that. But in the interview process is the most important thing in discovering which agent is going to be best for you. It allows you to have that conversation, say, you know, develop the personal connection, but also understand their, their professional acumen and how well, they know their profession.