“What happens now?” is a common question individuals ask after the death of a beloved family member. Suddenly, there are talks about their will and the potential need to sell portions of the estate to settle debts. Even during challenging times, heirs and appointed executors should understand how probate may impact their loved one’s estate.
What is probate?
Probate is a court-supervised process that unfolds after someone passes away. It involves accounting for and distributing the deceased’s assets. The process may occur with or without a will and typically becomes necessary if the deceased leaves property solely in their name behind or was set to receive an inheritance.
Estates valued at less than $15,000 or those without real estate may not require probate.
When is a probate sale needed?
For many families, the realization that a loved one did not write a will or engage in any form of estate planning, such as a trust, can be a source of stress and heartache. Without any legal documents protecting the decedent’s assets, the court may have to intervene and oversee the management of the estate, taking away control. If the deceased has debts to pay or if distributing the property fairly among several heirs is complicated, the court may find that selling assets, such as the family home, may be the most viable option to settle the estate.
An overview of the probate sale process
The steps involved in probate sales can differ, but they typically proceed as follows:
- Filing a petition: Any party with an interest in or claim against the estate must file a petition to begin probate proceedings.
- Appointment of an Executor: The court names an executor or personal representative, usually a family member, to oversee the estate.
- Identifying assets: The executor must inventory and verify the deceased’s probate assets.
- Appraising assets: An appraiser determines the value of assets, and the property is listed, often with the help of a professional such as a real estate agent.
- Authorization of sale: The executor must petition the court to review all offers court and approve the final bid.
The probate sale process can be a lengthy and emotionally difficult process as it involves revisiting parts of the deceased’s life in a formal setting. The sale of cherished property can be especially challenging, as it may represent the end of a significant chapter in their lives.
Appointed executors or heirs of an estate struggling to keep up with probate need not shoulder the burden alone. Enlisting the help of a legal professional can provide much-needed clarity and support during a difficult time.