The Volsch Team
When an individual dies, the person likely leaves behind property. Frequently, a last will and testament is also left behind, which indicates how the deceased wanted any property or assets distributed. Consequently, the last will and testament may be subject to probate.
Probate is the process by which the court oversees the administration of the decedent’s last will and testament. When the will is subject to probate, there might be property that must be disposed of pursuant to the sale. This sale is also known as a probate sale.
Sometimes a probate sale is necessary in order for the estate to get money to pay off debts of the decedent, while in other instances, the sale may be done simply to liquidate assets of the estate.
The process involves having a personal representative appointed, such as an executor or administrator. The estate’s personal representative is responsible for settling the claims of creditors, inventorying the estate, paying any taxes that are due, selling the house, administering the house during the probate and then distributing the estate to the appropriate heirs or beneficiaries.