One of the many duties of an executor or administrator of an estate is the management of the deceased person's property. Sometimes, that management involves the sale of property. How, exactly, does one go about selling property in probate that belongs to a decedent's estate?
First things first: unless you are the executor or administrator (also known as the personal representative of the estate), you don't sell or transfer any of the property of the estate. You could find yourself in legal trouble if you do. If you are the personal representative, the procedure for selling property depends partly on the circumstances and partly on the type of property.
If the deceased person's will authorizes the personal representative to sell real or personal property, the personal representative need not seek court approval prior to the sale. Ohio probate law, specifically Read More
One of the duties of an executor (also called an administrator) of an Ohio probate estate is to manage the deceased's personal property. Depending on the circumstances, this may call for liquidating or selling some property. This often takes place via an estate sale.
While estate sales may be held for other reasons besides the death of a property owner, such as a move, they are a common way of disposing of personal property when someone has passed away. What restrictions are there on executors with respect to conducting an estate sale in Ohio?
An executor must get permission to conduct an estate sale. If the probate court is satisfied that conducting a sale would be in the best interests of the estate, it will authorize the executor to carry out a sale. The estate sale may happen at any point in the probate process, and may be private or open to the public.
So far, so good. But an executor can't put just any estate property up for sale. If there is property that has been specifically bequeathed to someone, that property may not be sold (unless estate debts are such… Read More