Have you been appointed as an executor?

As the appointed executor,  you are responsible for the administration of the estate. You are assigned to distribute the assets of the estate in accordance with the terms of the will.

Your power as an executor comes from two sources- the Last Will and Testament of the deceased, and the state laws that grant powers to executors.

Acting as an executor of a Long Island NY probate sale can be a challenging and daunting task.  It is important for you to understand your responsibilities to avoid any potential negligence and personal liability.

Responsibilities of an Executor:

• Administration of the estate

• Identifying the assets and liabilities

• Protecting the estate during the course of the administration

• Proving the will and collecting the assets of the estate once the grant has been issued

• Discharging all liabilities

• Accounting to the beneficiaries for their inheritance/bequests

You have to perform your duties diligently. If you fail to do so, you may be sued by the beneficiaries for any resultant loss.

Can you sell real estate in probate?

One of the often asked questions is can an executor sell a home in probate? The answer is yes. However, you have to do so pursuant to the powers and limitations of the will and state law.

Here are some things to consider:

1. Decedent’s Express Desire

In some instances, a person preparing his Last Will and Testament can specifically direct and authorize the executor to sell any or all of his real property. The executor should follow all the directives and instructions and has all powers necessary to complete the sale.

In such cases, it is highly recommended to take proper advice from a real estate agent who has experience in selling real estate in probate, like me. I can handle the sale of your property accurately and promptly.

2. Consent of Beneficiaries

If the deceased person leaves his house to his four adult children and none of them want the home, they can all agree to sell the house and direct the executor to do so, giving the executor the power to sell the home. All of the children and the executor will sign the deed and all of the parties must reach an agreement on the manner of the sale.

3. Paying Debts

As the executor, you also have the legal obligation to pay all the legal and lawful debts, including taxes, of the decedent. You have to add up the estate's assets and debts. If the debts exceed the available cash, you must sell some assets. Personal properties like stocks, jewelry, and home furnishings are usually sold first.

If it is still not enough to settle all the debts of the estate, you have the power to sell a home or other real property.

4. Court Approval

Any sale of real property is subject to the approval of the probate court. As the executor, you also have a duty to the estate to obtain the best sales price for a home.

For more information on selling real estate in probate, visit my website at  http://LongIslandProbate.com.

Are you looking for a real estate agent who can help you sell your home in probate? Call me, René Perrin at 516-802-3785.  I look forward to assisting you in all your real estate needs. You can count on me to make your experience easier!