Law Office of Mary Alice Gwynn, PA
Some Executors May Have to Sell Real Estate During Probate
When agreeing to act as the executor of an estate, many Florida residents may not know exactly what they are getting into. The overall probate process can be complicated for anyone, and some estates may have assets that make settling affairs even more difficult, like houses that need to be sold. Handling real estate when closing an estate can be a complex aspect of this process.
One of the first steps that an executor needs to take is to determine what needs to be done with the property. Hopefully, the decedent will have left a will or other estate planning document that indicates whether the home should be passed on to a specific heir or whether it should be sold. In the event that it needs to be sold, the executor will need to oversee the real estate transaction.
It is important to remember that selling a home during probate may require extra steps, and it may also garner extra scrutiny. Individuals who are in line to benefit from the sale of the property may question whether it is being sold for the right price or whether the executor is handling the transaction well overall. In efforts to avoid biases, it may be wise to receive a realistic price for the property from a professional outside party rather than a friend or family member.
Selling a home during probate also adds legal elements that need to be properly handled. Fortunately, Florida executors can work with their legal counsel to ensure that they are addressing each part of the process correctly, including selling real estate. Understanding the best steps for handling this scenario can be beneficial.