I am Burt MacDonald. We are slowly turning into a country of renters as more and more millennials feel that they prefer renting, which requires much less commitment than owning a home. I have completely embraced this lifestyle as well. I never feel like I can live in a city for very long. It doesn't take long to see most of the things you'd want to see in a given city. So I have decided to create a blog where I will cover various aspects of real estate, from both a owner's and renter's perspective, to help anyone I can.
Being left as the executor of an estate means that you will be facing a lot of responsibilities that may be foreign to you, especially when it comes to dealing with the deceased's real estate property and probate. While in most cases, real estate that is left behind will have a defined way it should be handled, it is not uncommon for reasons to exist that will require you to sell the real estate property through the probate process. If you are the executor over an estate that has real estate involved, it is helpful to know what situations may warrant the need to sell the property and why you might need a probate law attorney.
The real estate property is not left to a single heir or beneficiary.
Many property owners will have a will created that specifically leaves the property they own to a single beneficiary. However, in some cases, the property owner will have the real estate left to more than one person. For example, if a parent has more than one child, they may leave the property to be shared by every child as a beneficiary of the estate. In these situations, the heirs may not want to share the ownership of the property, which means it will be sold through the probate process and the income from the sale divided among the heirs equally.
The real estate left behind property has a lien against it.
If the estate you are executor over has real estate that is not completely free and clear and has liens against it, it is often only financially logical for the property to be sold to repay the debts that are owed. If there is no other funding available in the estate or you cannot cover the cost to repay the moneys owed with your own funding, the property will have to be sold or forfeited to the lien carrier.
There are unpaid debts owed as part of the estate.
In some situations, when someone passes away, they still have the responsibility to repay a large sum of debt to various creditors. As the executor of the estate, it will become your responsibility to handle these debts in whatever way you can if they are not otherwise covered by life insurance policies. In many situations, selling the real estate for funding is the only way to obtain enough money to cover the debts that the deceased individual left behind. In fact, if the debts against the estate are left unpaid, a creditor can step in and file a motion to have real estate property sold.