When tasked with managing an estate without a will, one common question is about the process and timeline for selling assets. Clear Counsel Law Group frequently guides clients through this scenario, especially those who are appointed as administrators of estates. Executors have responsibilities to an estate and its beneficiaries, people who may not understand that they won’t see an inheritance overnight. Understanding the legalities and processes involved in these sales can be reassuring for anyone placed into this position.
Selling a House as the Estate’s Administrator
When you’re appointed as the administrator of an estate without a will, you gain the authority to begin the process of selling assets, including real property such as a house. This responsibility includes tasks like hiring a real estate agent, listing the property, and engaging in negotiations with potential buyers. An experienced probate attorney can explain these options and the process as a whole in greater detail. This process is much the same as anyone else selling a house.
- Listing the Property: As the administrator, you can start marketing the house for sale immediately after your appointment.
- Negotiating the Sale: Similar to a standard property sale, you can accept offers, make counteroffers, and agree on terms with a buyer.
Traditional Probate Process vs. Independent Administration
While the above steps are the same as selling a house normally, the sale isn’t final until it is approved through the probate court. There are two main methods to finalize the sale of a house in probate:
Traditional Probate Process
- Court Approval Required: The sale or contract to sell the house must be approved by the probate court.
- Open Bid Process: During the court hearing, others can bid on the property, potentially increasing the sale price for the estate’s benefit. This can also increase the time it takes to complete the sale.
Independent Administration of the Estate
Newer legislation in Nevada has created a second option for finalizing the sell of a house. This process can be overall faster and less complicated but it does leave the door open for challenges that can require the traditional probate process to reenter.
- Notice to Interested Parties: After agreeing on a sale price with a buyer, you give notice to all interested parties in the estate (like siblings).
- Avoiding Court Bidding: If no objections are raised within two weeks, the sale can close without a court hearing and without an open bidding process.
- Benefits: This approach can reduce attorney involvement and fees, making it easier and more efficient to sell a house.
Exercising Your Rights as an Administrator
As the estate’s administrator, you have full authority to oversee the sale of a house immediately upon your appointment. The choice between the traditional probate process and independent administration depends on various factors. These include the potential for increased estate value through bidding and the desire for a simpler, quicker sale process.
Managing an estate without a will, especially when it comes to selling assets like a house, involves understanding your legal authority and the options available for closing the sale. Whether opting for the traditional probate process with court approval and bidding or the streamlined independent administration, being well-informed is key. Clear Counsel Law Group can provide invaluable guidance and support at these times, ensuring the estate is managed effectively and in accordance with legal requirements.