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Selling estate property can take some time

| May 8, 2020 | Estate Planning |

When a loved one passes in Florida, the beneficiaries often want to start the process of selling off part of the estate. However, this cannot always happen in short order according to desired timeframe. The estate must be settled before parts can be sold off, and the executor must be consulted first.

When an estate goes through probate, creditors can given a chance to make their claims against an estate. They must be paid first out of the assets of the estate. It is only once they receive their payment that beneficiaries can receive their money. This is the first step that must be taken.

Then, the executor must oversee any sales of part of the estate. This is particularly true when dealing with a major asset such as the home. Once the Grant of Probate is given, it is the executor who has the authority to settle the estate. Family members cannot work on their own but must include the executor in the process of working with the real estate agent and listing the home.

The executor will be managing the process in accordance with the terms of the will left by the deceased. If no will was left, it is the court that will be involved in the process and must be consulted before anything is done with the estate.

To best understand how an estate is settled after someone dies, it is best to consult with a probate attorney. This can be a technical process that many people do not understand. The attorney could educate their client and represent their interests as the estate is settled. Many estates are settled harmoniously and without any problems. However, some estates end up in litigation. In those instances, it may be vital to have the services of an attorney.