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The personal representative is one of the most significant figures in the probate process. The personal representative is referred to as an Executor if the deceased had a will. If there’s no will, the court appoints an Administrator to fulfill the same role.
Their responsibilities include:
This person holds the authority to decide which realtor to hire and ultimately approve the sale of any real property.
Heirs and beneficiaries are those who are entitled to inherit assets from the estate. In cases where there is a will, beneficiaries are named. When there isn’t a will, heirs inherit based on state laws.
In real estate, heirs and beneficiaries play a role in:
A probate attorney is crucial in guiding the estate through legal processes. They:
When real estate is involved, the probate attorney may also review contracts and help resolve disputes.
Probate real estate agents, like those at Dorsey’s International Realty, specialize in the unique aspects of selling probate, estate, and trust properties. They:
Hiring an agent with probate experience ensures the process runs smoothly and legally.
Probate courts oversee the administration of estates. They:
While the court isn’t directly involved in the sale of the property, it plays an essential oversight role.
In cases where a property is held in a trust, the Trustee manages the real estate based on the terms of the trust. Trusts can help avoid probate, but trustees are still key players in real estate sales. They:
Investors are key players in probate real estate, as many properties require quick sales or repairs. Probate properties can be appealing to investors because they are often priced competitively and may require updating. Investors:
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