Working With Real Estate
How does an estate administration factor in when you are working with real estate?
The answer to this question differs based on whether or not there is a will and whether that will has a power to sell real estate.
If there is a will, and the will gives the executor the power to sell real estate, then executor can sell the real estate as soon as they are appointed by the probate court. This can be very useful when working with real estate because the executor can get the property sold right away if the real estate market is hot.
If there is no will, or if there is a will without the power to sell real estate in that will, each beneficiary will have to consent to the sale of that real estate. The idea is simple. If the will doesn’t give the executor the power to sell, then the beneficiaries must consent to give that power. It’s important to note that the timing of the process is not the same under the consent model. You have to wait to sell until the court approves the inventory in the estate before you can sell under consent. You can’t sell just as soon as the administrator is appointed like you can with a will.
When can you sell if there is no will? Well, the executor or administrator typically has three months after they are appointed to file an inventory with the Probate Court. The court then typically sets those inventories for a hearing one month after the inventory is filed. This means that it could be at least four months before the administrator can sell the property.
If we think about all of the reasons that it is important to have a will, the ability to sell real estate is certainly one of them.