![]() If the beneficiaries don’t agree with the appraised value, the executor can seek approval from the probate court. If there are any differences in opinion or outright conflict, it usually emerges during this stage.Īttorney Jamie Hargrove, co-founder of NetLaw Group, explains that in most cases, the executor should secure a third-party appraisal and then seek the approval of the beneficiaries. The two most important steps are to make sure all beneficiaries agree with the executor purchasing the home and to settle on a sale price. What needs to happen for an executor to purchase the home? “If there are beneficiaries and the house is being sold, the real estate sale must try to maximize the net proceeds from the sale, so the beneficiaries can receive the maximum amount after creditors are paid.” Saadeh, a probate attorney who practices in New Jersey. “After the general plan is in place, the assets are liquidated or transferred in accordance with the plan, which is based on the will and law,” explains Rajeh A. Put the house on the open market to gauge its market value.įor the smoothest possible sale, it’s important to make sure everyone is agreeable to the sale and to draw up a plan before starting the process.Hire an appraiser to determine what the property is worth, and a judge will most likely determine fair distribution, or.If there’s contention among the beneficiaries, Harber says you can take one of two main routes: “Assuming it’s amicable and there are no issues, everyone just has to agree on a price, and then all of the beneficiaries will get their portion of the sale.” “If there are other heirs involved, it comes down to whether it’s an amicable dynamic,” he says. Matthew Harber, a top real estate agent in Tacoma, Washington, says it could become a problem for the buyer if any other beneficiaries contest the chain of title and claim that they should have benefited from the sale. ![]() When multiple beneficiaries are involved, the situation gets a little more complicated. What if there are multiple beneficiaries?
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