A probate sale Maryland involves the services of professionals.
A probate sale Maryland can be quite complicated and therefore it is advisable to get the facts so that any real estate transaction goes quickly and smoothly.
There are many things that a person will need to know before proceeding with a probate sale Maryland property.
This article will help you to understand a few of the key aspects.
The first thing that you will need when probating a will is an administrator or executor.
The executor normally is chosen by the deceased party and if the deceased has not chosen an executor then the court will choose one for the estate.
The court will look first at any friends or relatives but if they are not willing or if none are found then the court can choose an impartial administrator to handle the deceased final affairs.
The executor or administrator of an
estate, will have an onerous task.
His job will begin immediately after the death of the deceased and he will be responsible for organizing the burial or cremation of the body, canceling all credit cards, securing property, and attending to any of the minor children.
After this, he will then begin with the probate process. The probate process will start by the executor seeking court validation of his appointment as executor.
To apply for the probate the executor will require a copy of the current will. Also, a notice must be sent to all beneficiaries or anyone who may be entitled to make a claim that he has applied for probate.
A notice will also be sent to any children
or spouses who are excluded from the will.
He then will need to identify all assets and debts and make a list of the value of these assets and debts. He can then send his application to the court.
There are many situations that can arise when a home or property is left to a number of heirs after a loved one has passed away.
There are times when these beneficiaries disagree on what the executor should do with the property.
Some of the heirs may wish to have the property sold while others may want to keep it or live on it.
This type of situation is becoming more and more common.
An heir may want to live on the property and buyout the other heirs.
However, the heir who wants to live on the property may not have the financial means to buy out the others.
When this type of an issue arises, what are the options in regards to the property?
It is important to know that not every beneficiary of an estate will need to agree on the sale of a property so that a sale can be approved.
There was a Reform Act in 1994 that has made this type of situation a lot easier to deal with.
The act allows for a personal representative to manage and oversee the selling of any real estate that is held by a probate estate.
Before this act was legislated a personal representative needed to obtain a court order before they could exchange, invest in, sell, lease, or dispose of any real property within an estate.
This Reform Act thereby eliminated one of the more commonly raised issues of the disposal of probate real estate when there were differences between heirs of whether to keep a property or to sell it.
The Act basically specifies that a personal representative is allowed to sell the property but he must give attention to how the probate estate is opened and also how the selling of the probate real estate it is handled.
The handling would include hiring a knowledgeable team to help sell the property.
The team would include a knowledgeable probate attorney and an experienced real estate agent.
It would also include the services of an appraiser so that any unhappy heir would not be able to claim that the property was sold for too little.