In order to sell property in a probate you need a court order signed by the Judge in the case. Oklahoma probate can be an overwhelming process, especially if you are unfamiliar with it and it is your first time. In the probate process, you may be appointed by the probate court as the personal representative of a loved one’s estate. The personal representative is the individual in charge of gathering all the assets and assuring they go where they are supposed to.
Making sure the assets go where they are supposed to can be challenging, and most of the time, it requires the approval of the judge to do so. The type of property in question typically determines if you will need a court order or if you can sell it without the court’s authorization.
Selling Real Property in Probate
Real property is things such as houses, buildings, land, and mineral interests. These items are typically titled by deeds that show the property’s owner. With these items, you will typically need a court order to sell property in a probate. In probate court, the court grants an individual the legal authority to sign the title for real property that is owned by someone else who has died or is not able to handle their legal affairs.
Real property is often the most valuable asset in a probate estate. Because of the high value associated with land, a judge will likely have to approve the sale and issue an order so the personal representative can act as the property owner to have the authority to sign it over to the new owners. The process is technical and requires certain things are done but its really not that bad.
High-Value Personal Property
High-value personal property is generally moveable but still has a title or some other method of tracing to whom it belongs. Typically, high-value personal property involves things like automobiles, jewelry, and recreational vehicles. These items, follow the same process, but usually have paper titles issued and tracked by the state government. Like real property, these items have a significant value in the estate and may require require court approval before you can sell property in a probate or transfer it to another individual.
Lower Value Personal Property
Other types of personal property include property that does not have a paper title issued by the government. These items are usually less traceable as to who is the valid property owner and who would have the right to sell and transfer the property to another individual. These items do not usually have a paper title issued; therefore, they typically do not require court approval to transfer.
Items that fall into this category include household furnishings, tools, clothing, and other things an individual may acquire throughout their life.
If You Don’t Have An Order And Should Have Had One?
As the personal representative of an estate in Oklahoma, you have a fiduciary duty to the estate’s beneficiaries to ensure the assets are properly handled. If you sell the property without court approval when you should have court approval, you may be held liable for breaching that fiduciary duty. It is essential to protect yourself and consult with an attorney before signing over the property to ensure you do not incur liability.
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Tulsa Oklahoma Probate Attorneys In Your Corner
The Estate Planning attorneys at Kania Law Office can help you classify the types of assets in a loved one’s estate. Once classified, they can help you determine if you will need court approval to sell the asset or if you can sell it on your own. As personal representative of the estate, it is essential to follow the proper procedures so that you can get to the final accounting without mistakes. Call our offices at 918-743-2233 or visit us online to schedule your consultation.