Does an executor have the authority to sell real estate?

In Minnesota, an executor does have the authority to sell real estate. According to the Minnesota State Bar Association, an executor is “the person appointed in the will to carry out the wishes of the deceased person.” In order to sell the real estate, the executor must: obtain permission from the court; notify beneficiaries that the executor intends to sell the real estate; and obtain two appraisals of the property. Upon receiving the appraisals, the executor can then sell the property at the appraised value. The executor is responsible for using the proceeds of the sale to pay any creditors, heirs, and taxes. The executor is also responsible for making sure the real estate is properly transferred to the new owner(s). This includes filing the appropriate paperwork with the county and making sure all taxes and fees are paid. In Minnesota, the executor is subject to the rules and regulations of the Probate Code, as well as the rules and regulations of the court in which the probate is conducted. As a result, it is important for the executor to work very closely with an experienced probate lawyer to ensure that the legal requirements are met in a timely and professional manner.

Related FAQs

What documents need to be filed with the court?
How is an executor compensated?
What is a probate estate?
What do I need to do to open probate?
What is a pour over will?
What are the requirements to be an executor?
Is probate the same in every state?
What is an advance health care directive?
What are the duties of a trustee?
What is an administrator?

Does an executor have the authority to sell real estate?

Related FAQs

Related Blog Posts