As the executor of will, it is extremely important to be aware of your rights, obligations and privileges. The process of dividing up and selling assets can become very complicated especially if many people or a large quantity of assets are involved. Consulting a knowledgeable and experienced estate attorney can provide you with answers to difficult questions such as “Can an executor of a will sell property without all beneficiaries approving?” But first, there are a few basic pieces of information about heir property laws that you should understand.
Role of the Executor
In the state of Arizona, an executor of a will (also called the personal representative) has the responsibility of ensuring all of decedent’s assets are distributed as stated in his or her will. The executor is also responsible for paying outstanding debts, taxes, court costs and other expenses. In order to afford any money owed, the executor may need to liquidate assets as soon as possible.
If there is a large amount of debt to be covered, the executor may be in a hurry to sell the property to prevent any other added interest charges. A large concern is whether or not the beneficiaries will approve their selling of any real estate. Unless specifically stated in the will that the real estate goes directly to a stated inheritor, the executor has the right to sell the property without the approval of the beneficiaries.
The personal representative of the estate is allowed to turn illiquid assets into cash, including jewelry, stocks, bonds and any real estate holdings. All of the cash acquired in these sales is deposited into a special estate account from which all debts and expenses are paid out of. According to heir property laws, the remaining balance is then distributed amongst the beneficiaries.
Disallowing the Sale
Heirs or beneficiaries that are determined to stop the sale of the inherited real estate do have a few options. They must have a valid reason for attempting to prevent the sale, simply wanting to keep the home in the family is not significant enough. There are extreme cases where beneficiaries believe the executor is not acting in accordance with the law or is involved in fraudulent activities. Therefore it is crucial that you follow all state laws regarding inheritance and property sales.
Selling the Property
Once you’ve ascertained all of your rights as an executor, it is time to decide how to sell your home. The sale of a piece of property during the probate process requires a few key steps such as ensuring that the house is in your name, obtaining a confirmation from the courts and appraising the property. Because of all of this incurs additional costs, selling the property to an investor like Freedom Cash Offers may be your best choice. Freedom Cash Offers buys your home as-is so you don’t need to worry about completing any updates or repairing any damage. We also offer to pay cash and buy your home as quickly as you need. This often makes beneficiaries happy as the expenses are paid out before they receive their share of the inheritance.
For the most cost efficient, quickest and easiest way to sell your inherited home, contact Freedom Cash Offer. We are ready and available to answer any questions you may need about the process of selling your home.