When someone passes away, their assets are usually distributed through a legal process called probate. During this process, an executor is named to manage the deceased person’s estate and ensure that their assets are distributed according to their wishes.
Significant Assets
One of the most significant assets that may need to be distributed during probate is the deceased person’s home. If the home is part of the probate estate, the executor may need to sell it to pay off any debts or distribute the proceeds to the beneficiaries.
The short answer is yes, the executor can sell a house that is in probate. However, the process can be complicated, and there are specific steps that must be taken to ensure that the sale is legal and proper.
The first step in selling a house in probate is to obtain court approval. This is done by filing a petition with the court requesting permission to sell the property. The petition must include a detailed description of the property, an appraisal or other evidence of its value, and a proposed sales agreement.
Once the court approves the sale, the executor can proceed with listing the property for sale. The property must be marketed just like any other property, and the executor must obtain the best possible price for the property.
Sale Of The Property
If there are multiple beneficiaries of the estate, they must all agree to the sale of the property. If any of the beneficiaries object to the sale, the court may need to intervene to resolve the dispute.
Before the sale can be completed, the executor must settle any outstanding debts or obligations related to the property. This may include paying off mortgages, liens, or other encumbrances on the property.
Finally, once the sale is completed, the executor must distribute the proceeds of the sale to the beneficiaries of the estate according to the terms of the will or according to the laws of the state if there is no will.
Conclusion
The executor can sell a house that is in probate, but the process can be complex and requires court approval. If you are serving as an executor and need to sell a house in probate, it is essential to consult with an experienced probate attorney to ensure that you are following all of the legal requirements and protecting the interests of the estate and its beneficiaries.