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The purpose of a probate sale

On Behalf of | Jun 6, 2022 | Probate and Trust Administration

After a person’s death, the property is transferred to its rightful owners. The situation is complicated if there is no will and often requires a court-ordered process. The main steps of a probate sale are handled in a court in Oklahoma.

Distributing the estate

Individuals who die without wills or heirs often have properties that are turned over to the state. These probate sales become open to buyers who are looking for affordable real estate. A probate sale goes through the court, which contacts the heirs to inform them of the deceased person’s property.

The executor of the estate is responsible for deciding the outcome of a decedent’s assets. Before a sale, the executor has to find a will, locate the beneficiaries and divide the property equally among them. If there is no will and thus no appointed executor, the court will appoint an administrator to handle these duties.

The court process

There are many legal procedures required for any type of property that goes through probate. The courts determine the offering price and require that buyers fill out specific agreement forms. The property has to be inspected and have its value appraised. At any time, the probate sale may be challenged or canceled by an heir or beneficiary.

A probate sale is necessary to manage personal assets when a person dies without having a will or when a particular piece of property has been omitted from it. A probate court is needed to formally administer the estate. Such a sale could take longer than a regular real estate transaction and require a series of complex legal procedures.