Posted on: April 01, 2022
WI 920 | Probates

 

The legal process of losing a loved one is emotional and messy. No one likes to talk about death, but probates are better than leaving your family confused because you didn’t sort out your estate beforehand. Sure, probates can also be stressful and cost you many dollars, but there’s a way to simplify that.

Are you wondering how to complete a “stress-free” probate without breaking the bank? Our expert guest Al Nicoletti is in the show to bring you some action! He will share how to make a probate process quick, affordable, efficient, and less nerve-wracking than usual.

Probate Deep Dive – Everything You Need To Know About Probates

Episode Transcription

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On this episode, I have got an amazing guest now. As you know, I want to see others succeed and experience greater freedom. I seek the model, my message, and communicate with you. That way, you can build businesses that serve you, your families, and others. He is Al Nicoletti. He is out in Jacksonville, Florida. I’ve got to meet this guy. He is probably the most outgoing attorney I have ever spoken to. I love how Al sets people’s minds and hearts at ease. He is the most approachable attorney.

I always was afraid to go and talk to attorneys but I’ve got to meet Al. He is helping people with probates and be able to release themselves from the burden of properties. Probate is a big, scary thing but I’m hoping we can break it down now for you. Al is the expert on probates in Florida but we are going to talk about it a little bit nationwide and go through the myths of probate. How long does it take? What is it all about? Most people won’t understand it. Al, how are you?

Thanks so much for having me on this episode with you. Anything I could do to help provide that value back to your students, your readers, go back and forth on probate, let’s do it. Thanks again for having me on.

You said right before I hit the record buttons, “Impromptu, podcast, interview, whatever.” This was not planned. This is going to be a conversation. We’ve got on the phone. I was like, “Al, do you want to record this for everyone?” Here we are. When I come into a probate issue, I always take all commands from the tower, and that is the title company like, “You need to go through probate.” I stopped right there. I have done a lot of deals in Colorado, some deals in Florida, Texas, and Arizona. I still do not understand probate personally. Can you give the normal person’s definition of probate, not the attorney, because we are not all attorneys reading this? What the heck is probate?

It’s very simple. On a basic level, we will keep it to real estate. Somebody owned real estate in their name, and they died. For heirs, whether it is the spouse, the kids, or whoever the heirs are, for them to either take title to the property or sell the property to a buyer, at least in Florida but what has to happen is a process called probate. Probate is transferring the title to those heirs, so they have the authority to sell it and, for title insurance, to write a policy for the buyer. That is it, transferring the title over, moving it over to the heirs. They can sell it to the buyer, out and done.

An heir is anybody the property was left to. Would that be stated in a will like, “I’m leaving a will. I want to leave my property to my one and only son, daughter or friend down the street?”

Throw out the whole “probate is scary” part because these can be great deals.

They could do that. That is what is amazing about probate. People think it is scary. If there is a will or no will, the wills don’t avoid probate but the idea is the will would leave it to either a person or some things. I have been seeing leaving it to a trust, it is a whole other conversation but it’s the idea that it leaves it to somebody.

Many times you will run into probate where there is no will. People will say, “That is messy. It’s complicated.” Actually, that can work out a lot better because now you are not dealing with a lot of many intricate complications with the will. You are dealing with mom died, four kids, all of them want to sell, everybody is onboard to sign, done. It can be a beautiful process because if you get everybody onboard to your agreement and on your contract, you are good. Bring it to closing, get the probate done, and you are out.

One of the first probate deals I had to do was the guy that was selling me the house was in Canyon City prison. I had to send an attorney into prison to do a probate deal. This is bringing back a lot of old memories from 2015. How long does this probate typically take? Let’s say there is no will and leave it to the four children that example that you gave.

I’m going to blow your mind, all the students and readers. People always heard probate takes 6 months, 9 months, 12 months, and 2 years. Everybody was like, “We want to go away from that. We do not want to deal with that. I’m in Florida. I can do these things in 2 weeks, 4 weeks, 1 month, 2 months, and these things do not have to take forever. We can get these probates done from start to finish, moving it over in a matter of weeks and a couple of months.

Why does it take so long everywhere else? That did blow my mind. When you said, “Two weeks.” I was thinking two months minimum.

If I told you my fastest time ever, you would be like, “You get off the show now.”

I don’t do that. We don’t want to lose all readers.

WI 920 | Probates

Probates: Probate is transferring the title to heirs so they can have the authority to sell it.

 

Why does it take forever? It is a combination of the people who work in the file. Some attorneys take a while on the file. I do not know why. The other thing is that sometimes they can get complicated. Some of them do take a little bit longer when they are weirder and different but I do not know. I’m one of the few that has been able to figure out how to make it efficient, quick, and easy to make it get to that level where we do it in a matter of weeks and a month. I had one where there were six heirs, and it was a little weird. It was like, “Was there a 7th heir or no 7th heir?” All of them sign the affidavits. We filed it on a Thursday and got a court order the next Thursday. It is efficiency and quickness.

When you said affidavit, is that an affidavit of heirship or a death certificate? What is the affidavit?

There are different states that have requirements. If you go to Texas, sometimes you are able to avoid probate by doing an affidavit of heirs. In what I was doing, I wanted to make sure those were the heirs. For this one, I wanted to make sure everybody said, “No,  there are six of us. We all agree. No questions later, done.” We rarely ever need that. There are some counties that require it but we try to make it as simple as we can.

How much, on average, does this usually cost for someone to get this done? I always try and build this into my actual plan for buying the property, the land, the house, whatever it is. I generally try and pay for this for my clients, so they do not have to worry about it. Most of the time, my clients do not have an extra $1,000 or whatever it is to pay an attorney or a retainer because that is why they are selling to me. They are looking for the most convenient speed transaction. They can’t list it with a realtor because they can’t afford the probate or whatever they need.

This is the best part. For me, it doesn’t matter where the money comes from as long as the client agrees to it. If you want to pay for it or it comes off the seller side, the buyer side, perfect. As far as price, if it is simple, mom dies, four kids or dad, we keep it on a base of $2,500 to $3,000, and we can wait until closing to get paid.

That is even better because a lot of times, my student is just starting. They do not have that $2,500 to throw into this.

Wait until closing, and get it done. The more complicated ones get a little bit priced here if there are more probates but keeping it on a streamlined, straightforward price, you’ve got it.

If you can figure out the probate costs, the whole deal itself would be sweet for you.

Is there anything I missed? It takes a cup anywhere from 2 weeks to 2 months, $2,500 or $3,500 on average. You are in Florida. I wish you were nationwide. Do you ever do referrals to send people to other states as far as like, “I’m in Colorado. Can you find me a probate guy?” Do the attorneys work that way? I’m not sure.

It is hard finding those people. It is something that I’m networking out and trying to find one. We know somebody in Arizona. It ends up being the guy that pays more of a use, which is Dana Riley’s or somebody else that is in Georgia, it’s Sean St. Clair’s law firm or partner. We eventually find where these people are. It is harder in other states.

The big thing I want your readers, your students, and your audience to know is the whole probate scary part, throw that, take that out. These can be great deals. There are investors and plenty of stories I could go through, Brent, where investors have made $30,000, $40,000, to $50,000 spreads by dealing with a little bit of a puzzle, and the probate is the little bit of a puzzle.

We’ve got to figure it out. We all communicate and talk it out. It could be a great spread and great things for your students. The problem is that people hear it. It takes forever. It is scary. I’m here to tell you, especially if you are in that Florida market, let’s do it. We can figure it out and get it done and make it happen.

Some of my best real estate transactions have been a lot, and I like to call them challenges. It is almost like a little play on words. We are always going to have challenges. We are guaranteed challenges every single day. If we know we are going to come into challenges, that makes the whole entire process journey so much better. That’s all we are doing as successful real estate investors, whether we are land investors, house investors, apartments or mobile homes, I do not care what it is. We are solving challenges for other people.

You, as an attorney, that is what you do. You solve people’s challenges all day long, and you are paid for it. As a real estate investor, I go looking for the challenge. I do not go looking for that property that is right next to the side of a highway that could be sold for $1 million. There are no problems. It is already subdivided. There is a house pat on it or a pad for a building, water and electric.

I’m looking for that guy that inherited ten parcels of land from his dad with no will, no probate. I’m looking to solve that guy’s problem or challenges. That is how I get paid. It is not about the commodity, which is the house, the real estate or the land. It is about what challenge we can solve for our clients, which is the seller.

WI 920 | Probates

Probates: Figure out how to make the process efficient, quick, and easy.

 

The land is an amazing niche with probate in Florida because a lot of people, what they did in the ‘90s is they were on those TV auctions. They would be in Indiana or New York, and they say, “I will buy that lot in Fort Myers. I will buy it in Naples.” The family does not know about it. They had never touched it before and died out of a state. They have never done the probate here in Florida.

You are doing your mailer, your cold call, and then you find out, “We need to do probate here in Florida,” and it is possible. It is amazing the deal you can make off it because they are motivated. They want to get rid of it. They are tired of the mailers and the letters. You make that amazing offer, you can figure out the probate costs, and the whole deal itself would be a sweet deal for you.

Where can people find out more about you?

Find me on my social channels. You can find me on Instagram and Facebook. I have a YouTube channel under Al Nicoletti. I had the show, The Al Nicolleti Show, which is on iTunes and Spotify. Check out all the videos that I’m constantly posting on Facebook. There is only 1 minute, 2 minutes of talking about little things that you have to know when you come across these probates, the weird and the different. You can find me on my website, www.AlNicoletti.com, (904) 999 – 0053.

Thank you so much for jumping on with me. I know you weren’t planning on this. That’s Al Nicoletti.

Brent, thank you so much. I love that we got to jump on this and provide all that value to your readers.

Thanks, Al. See you later.

 

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About Brent Bowers

863Brent Bowers is an investor and coach with a focus on buying and selling vacant land. As an Army Officer with over 8 years of service, Brent was spending a great deal of time away from his family, and he knew he needed to make some changes in order to be more present with his wife and children. In a short period of time, Brent was able to expand his business, hire a team, and (most importantly) spend quality time with his family while still working hard and helping others.

While Brent invests in many different types of real estate, his favorite investment strategy deals with buying and selling vacant land, and he enjoys sharing his expertise in this area with his coaching clients. Brent chooses to live his life based on Bob Burg’s quote, “Your influence is determined by how abundantly you place other people’s interests first.” He is passionate about helping other people find success in real estate investing, particularly in land investments.

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