If the decedent specifically bequeaths or devises an asset, or leaves a piece of real estate by will, the executor or administrator can’t sell it unless it’s necessary to pay the decedent’s debts or estate expenses.There are several possible reasons for liquidating assets before distribution of the estate residue (what’s left over after paying all debts, expenses, taxes, and specific bequests and devises) including: Most stocks, bonds, and other securities are held in brokerage accounts.Gaining access to these accounts in order to sell the securities requires providing the brokerage with a copy of your appointment as executor.
www datingandthecity com - Liquidating estate assets
If the decedent had no will, the probate court must grant a license to sell real estate.
The purchaser or the title insurance company, who the purchaser pays to guarantee that the property title is clear, may also require probate court approval for the sale to proceed.
A license to sell from a probate court or other evidence of court approval assures that the title is clear of debts and any claims of the estate and heirs.
Liquidating — distributing or selling — estate assets is one of the primary responsibilities of an estate administrator.
Liquidation can help to pay the estate’s debts and expenses and make distributing the remaining assets easier.
The process for selling securities, like stocks and bonds, depends on how the decedent held these assets while living.
When liquidating real estate, you should always hire a broker and obtain any necessary probate court approval.
Choose a broker who has comparable properties to back up the price he or she proposes for your property.
The executor must be able to give clear title, ensuring that the property was owned by the decedent and has no liens upon it, to any real estate being liquidated.