Sign up to be notified of new listings.

Don’t be the last to know, sign up to be notified of new properties available:

Click Here to Register for our Mailing List and tell us where you buy!

How Property and Assets Pass at death

So you have a lot of assets to deal with including a house.  It is important to know how property and assets pass at death.

As a general rule, here are some of the principles for settling estates with surviving spouse:

• Joint Checking Account – passes to spouse.  Jointly owned with right of survivorship.
• Savings Account – passes to spouse.  Jointly owned iwht right of survivorship
• Stock Certificates – passes to spouse IF joinlty owned, or passes to estate to be probated if it was individually owned by deceased spouse.
• Residence or Real Esate – if jointly owned, then 1/2 to spouse and the 1/2 ownership to estate.  If individually owned by deceased spouse then ownership passes to estate.
• Investment Account – if individually owned by deceased, then passes to estate.
• Insurance – paid directly to beneficiary, usually the spouse.  The insurance benefit never comes into the Personal Representatives control unless the beneficiary is designated as the estate.
• Individual Retirement Account – paid to designated beneficiare who would most probably be spouse.
• Personal & Household Goods (boat, car, etc) – individually owned asset would pass directly to the estate.

Probate Process – The Settlement of an Estate

The cumulative effort to find all the creditors and make sure they are paid and the remaining assets distributed to the heirs by the Probate Court is called the Settlement of the Estate and can be summarized into the following steps:

• Probate the will or determined that the person died with out a will and appoint a Personal Representative to administer the estate.
• Determine what assets were owned by the decedenta t death and appraise all of these assets.
• Determine the decedent’s debts and pay them, pay the income and estate taxes and other expenses of administration according to the property priority of ppayment
• Distribute the remaining assets to the rightful heirs or beneficiaries.

Now it is important to know that this process can be expedited in some cases, but when there are significatn assets and several beneficiaries it can get complicated.  But the sooner all beneficiaries are in agreement, the quicker and the smoother the process.

It is also helpful that all heirs and their spouses have easy access to email, faxes and an overnight mail service.

The basic steps will include:

• Proving the Will
• Appointing a Personal Representative
• Taking inventory of the estate and record
• Notify all creditors of the death
• Pay all debts, fees, expenses, clains, and taxes
• Distribute the remaining monies.

How Probate Works – the basic steps

Many of our sellers call us about their options of selling a home that a loved one owned and are just getting started on the process of dealing with all the legal stuff.  If they are lucky, the loved one had all of their ducks in a row.

More often than not, the house and other assets must go through the Probate process.  So I think it would be beneficial for us to take a look at how the process works.

So what is a probate estate?   This is when the individual is deceased without a surviving spouse and the assets are not held in Trust, then the estate is probated by law.  This is the process of finding and paying all the creditors.

The Probate Court makes a concentrated and reasonable attempt to contact all fo the creditors of the deceased so that by law the creditors can collect.  The court will decide the satisfaction of the estate with the creditors and the distribution of the assets relative heirs as outlined by the written Will of the deceased – otherwise know as the settlement of the estate.

portable dishwasher for sale in kansas city

Used Portable Dishwasher

White with Butcher Block Top

Maytag

Model # MDC4100AWE

Serial # 121748824b

Cash and Carry

You load and take away

Call Don – first buyer with $50 cash takes it away

Or Best Offer

913-208-3017

Doing Business in Waldo and Brookside

If you don’t know where Waldo Is and you have not strolled though the Brookside neighborhoods in Kansas City Missouri, then take a 2nd look.  If you are looking for a great home for your business, this is it.

Neighbors are front porch friendly, walking their kids and their dogs down the city streets.  They stop and talk to you, they say hi and they make eye contact.

Places to head out for lunch or dinner or even breakfast are just a block away and we even have a Quick Trip if you need gas or a soda fast.  Need office supplies, computer repair, banking, or to ship a package.  Need to run by the pharmacy, pick up a bottle of wine on the way home, or do your weekly grocery shopping.  It’s all here in Waldo and Brookside.

So when you are considering your next home for your office, studio or retail store, think Brookside and Waldo:

• http://www.brooksidekc.org/
• http://www.waldokc.org/
• http://www.southtown.org/
• Check out our office for sale in Waldo:  115 E Gregory Blvd

All Updated with Awesome Low Price in Maintenance Provided Community in Indpendence

16704 E Duffey Ct

3 Bedrooms

3 Full Baths

2 Car Garage

Finished Basement

1331 Sq Ft

Built in 2002

Home for sale in Brookside, Kansas City, MO

Home for sale in Brookside, Kansas City, MO

405 W Dartmouth, KCMO

4 Bedroom

3 1/2 Bath

3 Story

3190 Sq Ft

View Interior Photos

Calling all Investors and Live in Renovators this home is Awesome.  Move right in, update or I should say upgrade as you go.  Compare to smaller homes in the area that are $250,000 to over $400,000 depending on the updates and finishes made.  Tax records value at $300,000.