It’s happened. Your beloved family member has passed away. While dealing with your grief, you’ve discovered that your family member has made you executor of his or her will. So now you have to deal with disposing of their worldly possessions, including their home. So what will you have to do to sell an estate home?
Well, the actual sale process is the same as any other: clean, declutter, stage and list. In fact, you’ll probably be emptying the home anyway in the process of finding and making a list of all of the deceased’s belongings for probate.
Probate is the process where the property (all their stuff, money, cars, homes, furniture, etc.) of the deceased is transferred to the beneficiaries under the will, or in the case of there being no will how the law where the deceased lives says should be the beneficiary or beneficiaries. This is where things can get complicated. Part of the probate process is paying taxes, both state and federal. You also have to provide an accounting of all the stuff and how it was distributed to the beneficiaries, or the probate court.
So here are some things you’ll need to take into consideration. First, if the will states that the home is to be given to someone specific, then you having to sell it as the executor isn’t happening.
That is a process best handled by an estate attorney. But let’s say that the home isn’t a specific bequest to someone, it is then just part of the remainder, or what is left after the specific bequests, of the estate and will probably have to be sold.
Next, you’ll need to know what kinds of estate taxes will be due. This is important because they may be taken from the proceeds of the sale at settlement. Be sure that whomever you use to sell the home, or handle the real estate settlement is aware that this is an estate sale.
Your best bet is to hire an estate attorney and a Realtor who is familiar with all of the ins and outs of the sale of an estate property. They will be an invaluable resource to you.