Mobile homes during probate
As such, it’s important to factor a mobile home into any estate planning procedures, and a will should state who the beneficiary of the mobile home should be. If a direct beneficiary is named, then the title can be transferred easily and the asset can even skip probate, thereby saving an executor a nice chunk of time (and helping the estate save on fees).
If no beneficiary is named, then the estate executor can decide to sell the mobile home in order to cover debts and estate expenses. Plus, mobile homes can continue to incur costs during the probate process: If the home sits on rented land, then rent for the parcel will continue to accumulate during probate, thereby increasing expenses. As such, many estate executors may choose to deal with a mobile home as quickly as possible, either by selling it or transferring the title.
It’s also worth pointing out that unlike real estate, mobile homes tend to depreciate in value as time goes on. As such, they’re not a lucrative investment and are most likely not a valuable asset for beneficiaries, unless a beneficiary wishes to keep the house for personal reasons.
Any questions? We’re happy to chat about the ins and outs of the estate settlement process! Get in touch for a free consultation today.