Video instructions and help with filling out and completing What Form 5495 Estates

Instructions and Help about What Form 5495 Estates

Welcome back this is Sharon born hope and in today's video video three we're going to talk about step three and that's when the assets are sold so if you remember in the beginning we talked about the other steps someone passes away that's what starts the whole process of you know opening a probate and struggling the estate so someone passes away and this could be a period of time passes before they actually open the estate which is step two so in step two this is where the estate is formally opened and it's determined if there's a will there's not a will you know who is the executor who's the administrator and so forth now once that is done then folks can proceed with seven going forward and with the business of the estate and the third step is is selling the assets in the estate so the the executor or the administrator one of their jobs is to keep the assets safe until everything happens along this process in the heirs ultimately get what's coming to them so they are in charge of everything they're in charge of bank accounts they are the person that can sell real estate they're the person that is in charge of selling all of the assets so what kind of assets are we talking about well it's everything there's a real property which is real estate and there is personal property and that is anything that can be moved its stocks bonds jewelry cars bank accounts so so first up you know property real property is is real estate land houses and it also encompasses things like drilling rights on property so our mineral rights things like that so anything that is attached to a property is real property now what what happens if you know let's say are there ever occasions where things don't have to be sold well the answer is yes maybe you have a the person had a survivorship deed on a house which is common if you're a married couple the house would not go through probate it would pass directly to that person the same thing could be true if it was a child you could will a piece of property if you don't have a spouse you could will a piece of property to whomever you choose the same thing is true about for women it's often jewelry you know I want my daughter to have my jewelry I want my son to have my boat so certain things that are named in a will can be given to that person directly and then you've also got things that don't pass through probate that are beneficiary type things like life insurance investment accounts different things you know there can be different things for different people but in general the third step in the process is that the assets are sold now in video 4 in the next video we're going to talk about what happens after the assets are sold you know what are the next steps that have to be taken before you can ever get to closing the estate the one thing I want you to take away from this video is that you must sell the house in most cases unless it's a situation where the house is going to be inherited directly by someone the property in an estate must be sold and that's where the opportunity comes in for an investor they they need to sell the property so the property is either going to be one that can be listed it'll be a pretty property or it will be a fixer-upper that needs a lot of repairs and or updates that the family is not going to want to do now those are the types of properties that investors you know go after you don't go after the pretty house that's going to be listed on the MLS that's not going to be your your property so remember that at the end of this video series and we're getting close to the end I'm going to have an infographic for you that you can get and tuck it up on your wall or whatever so that you remember processing the steps because I want you to remember this is a legal process in it well it might be a little bit different from state to state the general process is the same in the way things have to happen so we've gotten through the first steps the assets are sold so now how does the rest of this play out once the assets are sold what happens next and that's what we're going to talk about in this next video so if you have any questions leave them over on the blog the Louisville gals real estate blog or send me an email at Sharon and Sharon born ho comm and I'll get your questions answered and I'll see you in the next video