Making The American Dream Attainable

What to know before selling the deceased’s home

On Behalf of | May 17, 2020 | Estate Planning |

Beneficiaries may want to take advantage of high real estate prices to sell the home of their deceased loved one. However, they cannot do that on their own immediately after their family member passes. Instead, the sale must wait until the estate is settled and the executor signs off on it.

Before the deceased’s property can be sold and the beneficiaries are able to receive the proceeds, creditors must have their claims settled. In other words, all debts of the estate must be paid as the first part of the probate process. Once that happens, then the family can move to disposition of the estate property in accordance with the terms of the will.

When there is a will, the estate will go through the probate process. When the court gives the Grant of Probate, asset and property sales may proceed. When it comes to things such as the home, it is the executor who has the ultimate say of the terms of the sale. Therefore, before working with an agent to list the home or deciding on a listing price, the executor must be fully in the loop and onboard. If the deceased did not leave a will, the fate of the estate is then up the court, which would need to be involved in major decisions such as selling the home.

Beneficiaries who are concerned about their share of the estate may consult with an estate administration lawyer. The lawyer may represent their interests through probate. If relations with the other family members are rocky, or if the executor is not upholding the terms of the will, the probate lawyer might represent their client in litigation. However, the lawyer may make an effort to resolve the dispute before they go to the lengths of filing a lawsuit.