Do All Heirs Have to Agree to Sell a Property?April 5, 2023 12:00 pm
For many families, real property is the largest part of an estate. Usually, it is the family home. Some heirs may want to sell, while others may want to keep the property intact. That can be difficult for those who cannot afford to keep and maintain the property. So, people may wonder if everyone must agree to sell a property.
Selling Assets in Probate
During probate, the executor makes decisions about selling property. The executor, known as the administrator in some states, is responsible for handling all of the estate’s assets. They can sell off property to settle the estate. The court may or may not have to approve property sales. However, during probate, the heirs do not have to agree with the executor’s decisions.
The court can stop sales during probate. The court’s job is to ensure that all debts are paid before the executor distributes other estate assets. So, the executor cannot distribute assets to the heirs until they can show that the debts are paid.
After the probate process, heirs have the right to sell off property that they receive. That is straightforward when each person receives their own assets. However, when multiple people own the same property, it can be more complicated.
Fortunately, there is a legal action, partition, that can help people sell part of a property. In a partition, you can own a percentage of a property. You can then sell a part of that property. Partition can work in different ways. For acreage, partition may separate the actual acres. For a single building, partition may separate the interest in a building into different amounts.
Purchasing from the Heirs
Many people decide to buy out the other heirs. If some heirs want to sell, but others do not, they may decide for the non-selling heirs to buy out the interest the selling heirs have in the property.
If you need money from part of an inheritance before probate ends, we offer a solution. We offer inheritance advances. An inheritance advance is not a loan. Instead, it is when we purchase a portion of your inheritance from you. If you use an inheritance advance, then you do not have to worry about partition. We handle everything after the advance.
Categorised in: State Inheritance and Probate Law
This post was written by Inheritance Loans USA