Dealing with Real Estate in an Estate or Probate Proceeding

Real estate can be one of the most highly valued assets within an estate. Dealing with its sale or transfer effectively may be the greatest challenge and opportunity for the Personal Representative (PR).  

Prior to activity to sell real estate the powers to sell property must be granted by the probate court or trust agreement.   With this secured and with receiving legal advice throughout the process from an estate planning attorney the Personal Representative can proceed to sell real estate.

Introduction to Estate Settlement 

Probate Frequently Asked Questions

Probate Glossary and Definitions

 Costs

There are a number of unique costs associated with real estate, some of these costs or more obvious than others. There are monetary costs in holding real estate in an estate, opportunity costs, such as, what the proceeds would have earned in a money market account, if the property was sold at an earlier date.  Another time related cost is the amount of time and attention, the PR must devote to the sale of the real estate properties.  

Perhaps, the greatest cost is the  silent "emotional cost" placed on the PR to be surrounded by all of the deceased loved one's personal effects and faced with the reality that everything "must go" somewhere else. On this subject see our article: "Dealing with personal effects".

The following is a variety of challenges and opportunities that a Personal Representative may face when selling real estate within the context, of their new-found fiduciary duties.

 Probate - Reading the Will

Free Probate Forms (all states)

Probate Process

 
Posted by Brian French on 11/16/2008 05:26 PM   Comments (0)  
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Brian French

Brandon, FL

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Estate Settlement LLC

Office Phone: (813) 944-3190

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