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For example, in California, if the executor can sell the property for at least 90 percent of its appraised value, they may have the authority to move forward with the sale. So know your state’s ...
A probate sale is the process executed at a county court where the executor for the estate of a deceased person sells property from the estate (typically real estate) in order to divide the property among the beneficiaries. There is a personal representative of the estate who will determine if the real estate is going to be sold.
Heirs property, or heirs' property, refers to property that is passed between generations of family members without the involvement of local probate courts, without a will or formal estate strategy. [1] Heir property is commonly viewed as an unstable form of ownership, since co-owners often have limited rights over the property. [2]
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
Estate planners, probate attorneys, and independent executors can assist siblings in nailing down how the property will be divided and sold, whether that’s to each other or an outside party.
According to data from Zillow, the average home price in California is currently $771,057, an increase of 3.7% annually. Based on the most recent information from Redfin, there are currently ...