Legal Question in Wills and Trusts in Arkansas

When can the estate sell a house in Probate?

For a correct legal answer you will need to contact an attorney licensed in Arkansas and obtain his or her opinion.

This is a fairly straight forward issue and I think your sibling is wrong.

I sell property inside estates all the time in GA.

We would have to go through the following steps in GA to sell that house and I expect the proceedures are almost identical in Arkansas.

The will must be probated in solemn form and an Executor or Executrix appointed. Once that formal appointment is made, then a publication is run in the legal newspaper advertising for creditors of the estate to come forward and make claims against the house.

For example, if there are profits from the sale fo the house and your parents owed lots of debts the creditors not you are entitled to the profits.

We will assume that that is not the case.

Under the terms of the will, the executor would poll the heirs. If the answer to who wants it is NO, then it MUST be sold.

If the will gives the Executor the power to sell real estate, then you simply advertise and sell the house.

If no powers to sell are given, the Executor must apply and obtain a specific order to sell. (Probably the will gives power to sell real estate).

The Executor sells the house, subtracts the costs associates with selling and divides the profits according to the terms of the will. Thats it sports fans.

At least in GA, your sibiling would be wrong about having to wait until probate is over to sell the house. I would search for some ulterior motive behind the lack of desire to sell.

As for the Real Estate market being at an all time low, what is going on in your county? In my real estate practice, land values are at an all time high. Even ratty land that is barely worth more than the dynamite that it would take to blow it up, jumps out of the real estate sales office.

If you think RE is at an all time low, you may need a broker help you sell that house. Otherwise, you are going to leave a lot of money on the table in the sale of your parents home.

Hope this helps.

Hugh Wood

Sale of House before Probate Closes

Unless the administration of the estate is formal, the Personal Representative may sell property. It may be wise to wait until the creditor claim period has expired so that enough assets are retained to pay any debts or taxes that may be due. Otherwise, the sale can occur prior to the closing of the estate.

Moreover, if the estate is the seller, then the sale must occur before the estate is closed. Once closed, that means that the estate is no longer the owner of the property.

Bogus info!! Does sister have an attorney? She'll need one, I think.

First reaction: No, I think she has it all wrong; the estate CANNOT be closed UNTIL the real estate is sold. She may well have to do so under state court supervision, i.e., get them to approve the price it goes on the market for, who it is placed with, etc., and then get them to approve the actual sale later.

Second reaction: Why are you anxious to sell in a market at its all-time low? Why not try to wait for it come back up and make some more money? --

Are you and sister on good terms? The two of you should hire an attorney to represent the estate -- the interests of the beneficiaries -- for both of you, but as her executor especially. See if you can stay involved and can talk to that attorney on your own.

I'd try a) not to get mad at her, and b) to appreciate what she's doing (for little or no pay, that role is no fun!).

This message is provided to assist you in structuring your thoughts when you speak with an attorney about your situation. I am not your attorney, and you are not my client, so this is not legal advice. Legal advice can only be given after a careful interview of the client by the attorney, and I have not had the opportunity to understand the significant issues that I must understand to render legal advice. You should contact an attorney in your state to discuss your situation. That attorney can give you the advice that your situation deserves, after carefully considering the issues that are legally significant in your situation.

Sale of House During Probate Administration

Based upon the information you have provided, the Will contains what is known as a power of sale clause. This clause allows the house to be sold prior to the close of the probate estate.