Can An Executor Sell Estate Property Without Getting Approval From All Beneficiaries?
The executor can sell property without getting all of the beneficiaries to approve. However, notice will be sent to all the beneficiaries so that they know of the sale but they don’t have to approve of the sale. Once the executor is named there is a person appointed, called a probate referee, who will appraise the estate assets. Among those assets will be the real estate and the probate referee will appraise the real estate. If the executor can sell the property for more than 90 percent of its appraised value then they do not need to get the permission of the beneficiaries or of the court.
In some cases the executor either does not have or is acting with a more limited authority. In these cases or if they can’t get 90 percent of the appraised value, then the executor has to go to the court to get consent to the transfer of the property. In that process there will be an opportunity for others to purchase the property at a higher price. The administrator will come in with a buyer and a contract and if someone else in court wants to pay more for the property than that contract price then the judge will allow that. Then the new buyer gets to purchase the property.
What Happens If The Will Is Never Probated?
It is possible that a will is never probated; not all wills have to be. The key is whether there are assets that the decedent owned that would be subject to probate. When we look at the assets a person owns, we first look to see if there’s a joint owner for each particular asset. If there is, that asset would go to the joint owner and no probate would be required for that asset. Second, we look to see if the asset has a beneficiary named. If there is a beneficiary named then the asset will go to the beneficiary; there’s no need for probate. If assets don’t meet those first two then we look to see if they’re held in a trust. If the asset is held in a trust then that asset does not need to go to probate. The terms of the trust will control the distribution. If it doesn’t meet any of those three categories then it is called a probate asset-.
If the total of the probate assets category is less than $150,000 in value then those assets can be transferred without a formal probate. If there are more than $150,000 in value then a formal probate is required.
How Long Does An Executor Have To Sell Property In California?
In the Golden State, there’s no hard and fast deadline for an executor to sell a property. However, they do need to keep things moving along with the estate’s timely administration. Once they’re in the hot seat, executors have a reasonable window to get estate matters sorted, property sales included. How long is reasonable? Well, it can be as short as a few months or stretch over a year, and that depends on how complex the estate is, the ups and downs of the real estate market, and any legal hiccups or personal conflicts that come up.
For executors, it’s a balancing act. Executors must look out for the estate’s and beneficiaries’ best interests. Rushing to sell at a bargain-bin price? Not a good look. But then, dragging their feet on the sale isn’t great either. They’ve got to hit that sweet spot – quick action that still gets a fair price. If the beneficiaries start to think the executor is taking too much time, they can ask the court to check in or even step in. Overall, executors keep beneficiaries in the loop about how the property sale is going and what’s affecting the timing.
Can An Executor Transfer Property To Themselves?
In California, executors can make a move on estate property for themselves, but only in some instances and only with all the legal boxes ticked. This type of decision gets a very close look by the court because, let’s face it, it’s easy for conflicts of interest to pop up. If the executor is also stated as a beneficiary on a will or trust, they may get property as part of their share.
If an executor has their eye on buying estate property, they’ve got to follow a strict path to keep things above board. That means getting a fair market value sorted out and a thumbs-up from the court, especially if there’s a whiff of conflict of interest or other beneficiaries raising eyebrows about the sale. Executors must wear the hat of a fair and prudent manager for all the estate’s assets, keeping everyone’s interests in mind.
When executors wade into these tricky waters, consulting an estate attorney is wise. Slipping up on these fiduciary duties can land them in hot water, like being removed from the executor role or even facing legal challenges from the beneficiaries.
When Should You Disclaim An Inheritance?
Typically, you have six months to disclaim and inheritance. A disclaimer is when a beneficiary does not want to inherit those assets. This could be done if the estate that was large and subject to inheritance tax at the time of death. Someone may not want to increase that inheritance tax burden. They may want the assets to go to the alternative beneficiaries such as their children. The way a disclaimer works is the person doesn’t get to say who gets the assets that would have been theirs. All they can say in the disclaimer is that they don’t want them and then it’s treated as if they had pre-deceased the decedent and that gift goes to whoever the decedent said would get it if the disclaiming person were dead.
Generally, that would be the beneficiary’s children or the other beneficiaries in the estate. While you typically have six months to disclaim, if it’s been more than six months but the probate hasn’t been closed then a person could do an assignment of their interest and have the assets go directly to the alternative beneficiaries.
Do All Estates Have To Go Through Probate In California?
Not all estates go through probate. Most estates go through probate because the deceased person didn’t plan appropriately. A probate can easily be avoided by placing all of your assets in trust or naming beneficiaries on those assets where appropriate. Probate is almost never necessary if the person has planned ahead.
What Happens If You Die Without A Will In California?
When there’s no estate plan or will then the assets go to people we call heirs. Heirs are the nearest living relatives of the decedent as defined by state law. In California, if a person is married, their spouse is an heir, and if they have children, their children are heirs. If they’re married and have children then their assets are divided between their spouse and children. If they’re married with no children, it all goes to the spouse. If they’re not married and they have children, it all goes to the children. If neither of those is the case then it would go to grandchildren if they had any grandchildren or lineal descendants.
If there are no lineal descendants then it would go to the person’s parents. If the parents aren’t living then to the person siblings and then nieces and nephews etc. There’s a whole structure of people who are the nearest living relatives to inherit. This is the case even if we get far out in a relationship and the people don’t even know the decedent. They are still heirs and would receive a portion of the estate.
- What Is A Small Estate Probate Transfer In California?
- What Is Your Experience In Handling Probate Matters?
- How Common Is It For People To Not Have A Trust In Order To Avoid Probate?
- What Is The Difference Between The Petitions For Estates Less Than $50,000 and $150,000?
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