Losing someone you care deeply about is always difficult. But when an unpaid debt or a mortgage is added into the mix, things only get harder. Fortunately, with enough information and planning, it’s entirely possible to use probate in a Washington courtroom to put these problems in the past.
Picking up the pieces after a loss
When someone lacks a will or a trust at the time of their passing, it leaves those who are left behind with an extra set of issues to sort out. It makes opening a probate account is a requirement before matters can be fully put to rest.
This legal process is the way that you pay off a decedent’s debts that are left over after they have died. In a way, it’s the last bill they’ll ever receive. This is also how you transfer the property into the beneficiaries’ names.
You can strategize before probate kicks off
If you start out by listing all the liabilities of your loved one who has passed, it will make life so much easier for you later in the probate process. This can all be done before even opening the probate estate.
This includes bills and statements like:
- Income taxes
- Lines of credit
Once you feel confident that you’ve covered everything, you can start dividing and conquering. It helps to categorize the liabilities into ones that will be ongoing throughout the probate process and those that can be fully paid off once the probate process has started.
You don’t have to wait around until the probate process has officially kicked off before you start thinking about these debts and figuring out ways to deal with them. A little bit of pre-planning goes a long way when it comes to debts and mortgage probate.