A common question executors often have is: how long does an executor have to sell a house? As executor, there are a number of responsibilities that must be addressed prior to the closing of an estate. Typically, the probate process will last between six to twelve months. However, this timeline can be extended if the executor neglects his duties or is dealing with a complicated estate.
When considering the question of how long does an executor have to sell a house, be sure to take into account the following.
Act Within the Deadlines
As an executor, you are not free to settle the estate on your own timeline. Being a court-supervised process, probate brings with it specific deadlines throughout. However, these deadlines can vary from state to state.
As a result, the executor needs to be prepared to handle both the responsibilities as well as the timely obligations demanded. Missing a statutory deadline could result in the court intervening or the executor and his or her performance being challenged by other interested parties.
Beginning the Probate Process
In order to get the probate process started, the executor usually files a petition to admit the will to probate. In addition, the executor must also file a petition requesting his or her appointment to the role. Some areas even require the named executor to take the step of publishing notice of his or her request in order to allow any interested parties the opportunity to dispute it. Additionally, a hearing on the petition to admit the will is held. This step cannot take place until beneficiaries and heirs receive notification of the petition.
Again, to answer the question of how long does an executor have to sell a house, the associated time frame related to the length of the process for the appointment will depend on a number of factors, including the specific state law, the court workload and the particulars of the specific case.
Tallying the Assets
Having being appointed as executor, it is time to collect and value the estate’s assets. Depending on how easily accessible or familiar with the executor is with the decedent’s asset will dictate how quickly this process moves along. Also contributing to the timing will be issues like an asset needing appraisal. These appraisals do not happen overnight, which can create delays along the way.
Upon being identified and valued, an initial inventory of the assets must be filed with the probate court. In most cases, executors are able to update the inventory beyond the initial filing as assets are discovered. However, keep in mind that each update of the inventory will add time to the process.
Corresponding with Creditors
It is the responsibility of the executor to notify any and all creditors of the decedent’s passing. The manner of the notification can vary, as some states require that creditors be notified by mail while other allow for the executor to simply publish a notice to creditors in the local paper for a specified number of days.
Much like the answer to how long does an executor have to sell a house, deadlines related to how long a creditor has to file a claim also vary. That being said, it is up to the executor to settle any claims that are filed by creditors.
When dealing with an estate, there will also be tax implications involved. This too falls on the executor to handle. As with any complicated financial situation, it can be beneficial to work with a tax professional to understand the particulars.
As an executor, there are many roles and responsibilities you must ready to handle. There are also a seemingly never-ending supply of questions – like how long does an executor have to sell a house – that you must be ready to find answers to. But if you have a property that you need to sell, we can help. We specialize in cash transactions which means we can buy the property asap. Contact us today to learn more.
