Inventory and Valuation
The representative prepares an inventory, listing the home and other assets at fair market value. An appraisal may be required if the property will be sold or if the estate must file an estate tax return.
Creditor Claims and Waiting Periods
Both states impose waiting periods to allow creditors to file claims, six months in Missouri and three to six months in Illinois, unless the creditor is not properly notified, in which case an Illinois creditor may have up to two years to make a claim. During this time, the representative should keep the property insured, pay the mortgage and taxes, and perform necessary maintenance. Those carrying costs often surprise families expecting an immediate distribution.
Distribution or Sale
When claims have been settled and court approval obtained, the house is either deeded to the heirs named in the will (or, if no will, the heirs determined under each state’s intestacy statute) or sold and the net proceeds distributed. Court supervision adds formalities: notices of proposed sale, appraisal updates, and approvals of closing statements. Even a routine sale can take nine to twelve months or even longer if title defects surface or heirs disagree.
Costs
Probate expenses include court filing fees, publication fees, bond premiums (unless waived), executor commissions, and attorney’s fees. Real estate often drives those fees higher because additional deeds, title work, and sometimes eviction of occupants are required. Clients can expect to pay several thousand dollars to probate a house, and the details of the decedent’s estate remain in the public record.
Coming soon… Part 3: Beneficiary Deeds
This article is intended for educational purposes and does not constitute legal advice. For advice specific to your situation, please consult a qualified attorney.
