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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 ...
An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly.
If the property is not disposed of within six months of the decedent's death, the executor may elect to use the property's fair market value six months after the date of death but only if such an election results in a decrease in the value of the gross estate. [2] If the executor does not so elect, or if the property is disposed of before the ...
Beneficiaries also have the right to sue the executor of an estate if they believe that a breach of fiduciary duty has occurred. Fiduciary duty compels people who are fiduciaries, including ...
Rhonda Griswold, a Cades Schutte law firm partner, joins producer/host Coralie Chun Matayoshi to discuss your fiduciary duties as an Executor or Trustee, things you need to do, notice and ...
An estate sale may also occur because the property owner will be moving or has moved into a new residence where they will be unable to keep their property, such as an assisted living facility, a retirement community, a rest home, or the home of a family member, or in the event of divorce, foreclosure, or relocation.