What is an estate sale?

An estate sale is a sale of property from the estate of someone who has recently passed away. In California, probate law governs how the estate of a deceased person is handled and how property is distributed to the heirs. During the probate process, an executor or administrator is appointed to manage the estate of the deceased and to pay any debts or taxes owed by the estate. After paying any debts or taxes owed, the remaining assets are then distributed to the heirs. An estate sale is held in order to liquidate any remaining assets that are to be distributed to the estate’s heirs. These sales often include furniture, art, jewelry, and other personal items. Estate sales are typically conducted by an estate sale company and are advertised in local newspapers or online. During the sale, potential buyers inspect and bid on the items and the highest bidder typically wins the right to purchase the item. After the estate sale is complete, the proceeds from the sale are used to pay any remaining debts or taxes and the remaining money is distributed to the heirs. In California, if an estate sale is held and not enough money is raised to pay all taxes and debts, then the heir or heirs will be responsible for paying any remaining amounts.

Related FAQs

How is an executor compensated?
Are there special probate rules for minors?
What is an affidavit?
What is probate litigation?
What happens if there is no will?
What is the purpose of probate?
What is an irrevocable trust?
What is the difference between a will and a trust?
Who is responsible for administering an estate?
What happens when someone dies without a will?

What is an estate sale?

Related FAQs

Related Blog Posts