Wednesday, February 5, 2014

Handling an inherited property when you're the executor of the estate



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As real estate agents that deal with estate planning and related concerns on a regular basis, we are often asked specific questions regarding the handling of property transfer. A common question we receive deals with the way to handle a property that is inherited by the executor of the estate. Many people want to know if it is better to sell the property while it is still in Probate.

The short answer is this: it depends.

Since every real estate transaction and every situation is different, there really is no right answer. However, there is one factor to keep in mind. In our many years of experience in dealing with these types of situations we have learned that there is a certain level of protection that you will get from the court. The courts do understand that you are the assistant to the estate. That is why they do not want to put any further liability on top of you. 

There is another aspect to the Probate court factor that also adds protection; by allowing a court to oversee a sale much of the family dynamic and guesswork that can ensue is eliminated. As soon as the property has gone through probate all the other beneficiaries become parties and each of them have a say in the property.

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Only estate attorneys or real estate agents that specialize in estate sales should handle dealing with these and other issues regarding estates. For all your questions regarding probate, we invite you to contact us today.


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