If you are serving as the Personal Representative in a probate matter, it is important that you understand your duties. One of the duties of a Personal Representative is to sell the assets of an estate in order to distribute them to beneficiaries. In many cases, these assets include real property such as homes and land or other items like vehicles and boats.
The Personal Representative (PR) is responsible for selling the assets of a decedent.
The PR has a fiduciary duty to sell the assets of a decedent with special care and loyalty to the beneficiaries. A PR must not transfer title without court approval but rather seek approval from the Probate Court in order to sell real property or personal property belonging to an estate.
The PR should also protect property, such as winterizing a house so that pipes do not freeze during cold weather months, which could result in damage or, worse yet, bursting pipes causing flooding throughout your home, and ensure the property is properly insured.
The PR has a fiduciary duty to sell the assets of a decedent with special care and loyalty to the beneficiaries
If you are a personal representative (PR), your primary duty is to sell the assets of an estate with special care and loyalty to the beneficiaries. In other words, you must not use your position to benefit yourself or any other person who may be interested in an estate asset. For example:
- You cannot sell real estate owned by an estate at below market value just because it benefits you personally;
- You cannot give away an item from someone else’s inheritance without their permission;
- If there is more than one beneficiary who wants something from the same item in question (for example, two siblings), then they should come up with some kind of agreement between themselves on how they will share or divide up that particular piece of property amongst themselves before selling it off so as not run afoul of any potential legal action brought against them later down the road by another party claiming unfair treatment under these circumstances.”
It is not within the PR’s authority to transfer the title without court approval.
It is not within the PR’s authority to transfer the title without court approval. In order to do so, the PR must apply to the court for permission be was of the Letter of Administration. The personal representative may hire an attorney specializing in handling estates in their state and ask them for advice on whether or not it would be advisable for him/herself or another party (such as a buyer) to apply for such authorization from an appropriate court with jurisdiction over real property located within said state.
In Maryland, the Probate Court may require an independent appraiser to determine the fair market value of the property being sold by the personal representative.
In Maryland, the Probate Court may require an independent appraiser to determine the fair market value of the property being sold by the personal representative. The court may also want evidence that your real estate agent has experience selling probate properties. The Probate Court may appoint an attorney to act on behalf of your estate if there are disputes between family members regarding how much they should receive from their share in a deceased loved one’s estate or trust fund.
It is very important that you understand your duties as a Personal Representative when selling real estate in probate court.
As a Personal Representative it is very important that you understand your duties as a Personal Representative when selling real estate in probate court.
It is critical that you are familiar with the laws in your state and follow them to the letter. You must also follow court rules and filing requirements. If there are any mistakes made by either party during this process, they could result in serious consequences that could impact both sides of the transaction or even cause delays or cancellation of sale agreements entirely. It is important for PRs to have a working knowledge of their state and federal tax laws so they can properly advise buyers/sellers on how much they may owe based on their income level etc.
Many times I have found PRs who do not understand what “fiduciary duty” means; this includes both attorneys who represent clients as well as CPAs (Certified Public Accountants). Even though these professionals typically specialize within certain areas such as wills & estates law or tax preparation services respectively, neither one understands all aspects related thereto, which makes it difficult for them to provide accurate advice when dealing with real property transactions involving funds from probate proceedings where an attorney represents one party while another party has hired someone else entirely different!
A PR must protect the assets of the estate.
The PR’s duty is to protect the assets of the estate. This means that they must verify that any insurance coverage is in place on the property and that it has not been depleted by their actions. The PR should also ensure that they do not harm or deplete an asset by selling it too cheaply or selling an illiquid asset when there are better options available (such as leasing).
The PR’s duty extends to all beneficiaries of an estate, not just those who have an interest in the matter at hand.
The Personal Representative (PR) has a fiduciary duty to all beneficiaries of an estate, not just those who have an interest in the matter at hand. This means that a PR must act in the best interests of all beneficiaries and cannot favor one beneficiary over another. In other words, if one beneficiary wants to sell some property from his or her share of an estate and another does not want to sell it, then the PR cannot force them both into selling their share if it would be detrimental for either party involved.
A PR’s fiduciary responsibility extends beyond real estate transactions as well — it also extends into financial decisions regarding investments and other assets held by an estate during probate proceedings.
The best way for a PR to secure the estate assets is to work with an experienced realtor specializing in probate sales.
The best way for a PR to secure the estate assets is to work with an experienced realtor specializing in probate sales. An experienced realtor will know how to sell property in probate, can help you avoid mistakes, and make sure that your home is marketed properly. If it’s not priced correctly, it won’t sell quickly and may have to go back on the market at a lower price later on.
Conclusion
The PR is responsible for selling the assets of a decedent with special care and loyalty to the beneficiaries. The best way for a PR to secure the estate assets is to work with an experienced realtor specializing in probate sales.
