The realities of selling a loved one’s property after they die

On Behalf of | May 11, 2020 | Estate Planning And Probate

A family may be eager to sell their loved one’s Minnesota home after they pass away so that the beneficiaries can receive their share of the proceeds. However, this is not something the family can do immediately. Instead, it must occur according to the timing dictated by the legal process and through the supervision of an executor.

When a person dies, their estate goes through probate. Creditors will then have the right to file their claims against the estate for money that they are owed. They must be paid before the beneficiaries can receive any money. Even after the estate receives a Grant of Probate, sales of property must go through the executor, who is appointed via the terms of the will. This means that family members cannot do anything on their own. The executor must generally approve of the major details of the sale along with the terms before anything can happen.

The process can be even more painful if the deceased left no will. In these cases, the court must become involved in asset sales. This will slow down the process even more and can increase the chances of litigation being filed by beneficiaries. Even after the process is completed, the estate may end up owing taxes to the state that could be paid from the proceeds of the property sale.

To navigate this system, families may consider hiring an estate planning attorney. Probate can be a very technical and difficult process. If any of the requirements are not met, the process could become even more tedious and expensive. With the help of an attorney, families could have an easier time with probate or possibly avoid it altogether.