Selling a probate property is a necessary part of dividing the estate of a deceased person.
Probate is a legal document. Receipt of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person’s assets under a will. A probate court decides the legal validity of a testator’s (person’s) will and grants its approval, also known as granting probate, to the executor. The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary. A probate also officially appoints the executor (or personal representative), generally named in the will, as having legal power to dispose of the testator’s assets in the manner specified in the testator’s will. However, through the probate process a will may be contested.
As the old saying goes, the only things we are guaranteed are death and taxes. When it comes to probate property, there are often many parties involved stating that they have an interest in the deceased and their belongings. However, it is only the executor of the will who has the authority to administer the will. However, it although the deceased may have identified an executor, the executor is under no legal obligation to accept the role of the executor – in which case another executor will need to be identified.
When selling probate property it is necessary to understand that Executors “step into the shoes” of the deceased and have similar rights and powers to wind up the personal affairs of the decedent. This may include continuing or filing lawsuits to which the decedent was entitled to bring, making claims for wrongful death, paying off creditors, or selling or disposing of assets not particularly gifted in the Will, among others.
Due to the pressure of being an executor, as well as the related costs of winding up an estate, many executors chose to sell a property as fast as possible.
Some ways executors chose to sell a probate property fast are: (1) auctions; (2) through estate agents; (3) and by selling property fast to cash buyers.
Property Resolution focuses on method number 3, and we think this is the best option. The reason for this is because if someone wants to sell property fast, they need someone who can buy property fast for cash. Property Resolution can buy property fast for cash, and this would greatly benefit an executor looking to sell a probate property fast.
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