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For example, in California, the law states that an executor must sell a home for at least 90 percent of its appraised value. Does an inherited property have to go through probate? Not necessarily.
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.
After probate is granted, executors are empowered to deal with estate assets, including selling and transferring assets, for the benefit of the beneficiaries. For some transactions, an executor may be required to produce a copy of the probate as proof of authority to deal with property still in the name of the deceased person, as is invariably ...
Without a beneficiary designation and even if you have a will, your individual account must go through probate — a court process that oversees how your assets are distributed after 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.
A special power of appointment allows the recipient to distribute the designated property among a specified group or class of people, not including donee, donee's estate, creditors of donee, or creditors of donee's estate. [2] For example, a testator might grant his brother the special power to distribute property among the testator's three ...