Legal Question in Wills and Trusts in California

Re: Selling Real Estate with Limited Power

There are two methods of selling assets in a probate proceeding, which the executor or administrator may chose. First, court approval may be obtained before any asset is sold. If the stocks or bonds are sold, a court order is necessary before selling them. If real estate is sold, a court hearing must be held and anyone may offer a higher price for the property in court and take it away from the original buyer.

Second, the executor or administrator may sell assets under a provision of California law referred to as the "Independent Administration of Estates Act." Under this act the executor or administrator may sell any asset. The only requirement is to give written notice to any beneficiary who is affected by the sale at least 15 days before the proposed date of sale. If no one objects, then the sale may proceed. If someone objects, then the court must be petitioned for approval the same as alternative number one, above.

For more info, check out this website. http://www.mbscott.com/probate.htm.

I hope this helps. For more information please feel free to call me or most any of the attorneys on the LAWGURU list of lawyers.

Re: Selling Real Estate with Limited Power

There are books in the law library, or perhaps Nolo Press books in your local library, with the procedures. The problem is that your local court may also have extra rules of its own, so check with them (see also the L.A. County Superior Court's website), and it would be a good idea to have a probate attorney review the sale to make sure everything's in line. The sale requires court confirmation after notice to the beneficiaries and published notice in the paper, and a lot of sales are delayed because people haven't met the requirements--the court won't waive the publication requirement. The sale of real property under limited powers is complicated, and any time spent in the courtroom will show that many attorneys and/or real estate agents don't know how the process works either.