Dealing with the death of a loved one is never easy, and it becomes even trickier when you’re tasked with handling their estate.
Oftentimes, the estate sale process is so much more than just selling their property. When someone dies unexpectedly, and especially if there’s no official will to go off of, it usually falls to their next of kin to handle their belongings and their estate. We understand that this process can be challenging, to say the least. That’s where we come in.
Our team is made up of longtime Wayne and Oakland County REALTORS® with specific experience handling estate and probate sales. Allow us to help you navigate this difficult transaction, and make the entire process a little bit easier.
How to Handle an Estate Sale
The first step to handling an estate sale is to contact a real estate agent with experience handling these kinds of transactions. Their experience will both lessen your workload and take a significant amount of stress off your plate.
Afterwards, you’ll need to get the belongings and affairs of your loved one in order. If they owned property, go through it with a group of friends or family members to help. Collect their personal belongings and sort them out appropriately.
If there is a will to go off of, use that to divvy up those items and give them to the right people. If there is no will, talk with your family and the people who knew your loved one to discuss next steps.
Tips for a Probate Sale
If your loved one owned property, but didn’t leave it to anyone specifically in a will, then you’ll want to perform a probate sale. A probate sale involves settling a deceased person’s debts and transferring their belongings and assets to heirs and beneficiaries.
These are complicated transactions that require many different steps, but we’ve broken it down for you:
Step 1: Give Notice to Heirs
It all begins with the executor. The deceased person’s will should name an executor to handle the estate and any assets they owned. If no executor is named, an adult child or relative of the deceased may ask the courts to name one.
Once the executor is named, they will give notice of the probate to all heirs and beneficiaries.
Step 2: Set Up a Court Appointment
Next, the executor must give notice to all known creditors of the estate. This way, if a creditor wants or needs to make a claim on the estate they have the time to do so.
During this step, the court will take an account of the estate’s assets.
Step 3: Pay All Estate & Funeral Expenses
The estate must pay off all of the deceased’s debts and expenses. This includes funeral expenses.
Step 4: Transfer the Property’s Legal Title
After the proper waiting period has passed, all claims and bills are paid, and everyone of interest has been properly notified, the executor asks the court for authority to transfer any remaining assets based on the deceased’s will.
We’re Here for You
If you require any additional assistance in handling your loved one’s estate, or simply need a real estate professional to discuss your next steps with, please don’t hesitate to give us a call!
Our team possesses years of experience handling these kinds of real estate transactions. We have the resources and expertise necessary to execute a successful estate sale or probate in a timely, efficient, and stress-free manor.
Visit the link below for more information on estate sales and probate court: https://www.kelly-knight.com/estate-sales-probates-guide
