Selling a deceased estate can be heart-breaking as well as a complicated experience but understanding the process and some of its legalities can remove the confusion.
An estate is more than just property. It comprises of the total of an individual’s assets and liabilities, such as a business, cash, investments, superannuation, cars, jewellery and any intellectual property owned.
Its dispersal is administered by an executor. They follow the instructions of a will as part of a process of selling and/or distributing the assets.
An executor might be a family member or an appointed legal practitioner. They have a range of tasks, such as determining the assets, being responsible for them until they are distributed and determining the debts to be paid. This is an important role with legal obligations.
An executor can act only once a Supreme Court has issued a grant of probate – a legal document that authorises an executor to carry out the necessary tasks. These can take a couple of months to come through so it’s important to be patient.
In this situation, the process for selling a property is no different from other assets. An executor will be expected to seek a minimum three quotes from real estate agents for the cost of selling the home.
Once the property is listed for sale, the executor must keep beneficiaries informed of the progress. Funds may be distributed, as per the will, only after a sale has been completed.
If there are multiple beneficiaries from a property sale, it is essential to have clear and open communication on topics such as the appointment of an agent, price expectations, marketing budgets, selling method and tax advice. Failure to do this can end in traumatic arguments and may affect your agents ability to negotiate the best outcome.
(Editing advice for agents: Insert some insights here into how your office deals with deceased estates).