When you die in New York, your property must be distributed to your heirs; this can be your surviving spouse, children, parents, siblings and distant relatives. If you leave behind a will, your executor will manage and give out your assets according to your stipulated wishes. However, if you die intestate, your estate will go through a probate process where your assets will be sold and divided among your heirs. Here’s how that works.
Probate sale in New York
A probate sale is a legal process through which a home or other property is sold after the owner dies. The estate administrator will use the proceeds from the sale to pay off any debts of the deceased and any taxes owed. The remaining funds are then distributed to the heirs of the estate according to the terms of the will, if there is one. If there is no will, the estate assets are distributed according to New York probate and estate administration laws.
Steps involved in a probate sale
There are a few different steps that must be taken to complete a probate sale successfully. These include the following:
• The estate administrator must file a petition with the court to request permission to sell the property.
• The probate court will appoint an appraiser to assess the value of the property.
• The estate administrator will then publish a notice of sale in the local newspaper. This notice must include information about when and where the sale will take place and the minimum bid that must be met for the probate sale to be successful.
• The property will be sold at auction to the highest bidder.
Probate sale may be necessary under certain circumstances, such as when the deceased has one major asset that must be distributed among their beneficiaries. Other times, heirs can work out a different arrangement when dealing with the decedent’s assets. Whichever direction you choose, the pros should outweigh the cons if you’re leaving your estate up to a probate sale.