Acting as the executor of an Ohio estate puts a lot of pressure on a person. Even if he or she willingly accepted the role and knew what it would entail, the probate process itself can still take much time and effort to complete. If the executor needs to sell remaining assets during the process, it can be even more time-consuming.
It is not unusual for a person to indicate in a will that his or her home should be sold and the proceeds split between surviving loved ones. While this may seem like a fair way to handle one of the biggest remaining assets a person likely has, it can mean more work for the executor. Plus, try as the executor might to get the sale completed quickly, property can sometimes sit for weeks or months before a buyer comes along.
During the probate sale process, the executor will likely need to conduct the following actions:
- Get the property appraised
- Hire the appropriate professionals
- Have the property listed and marketed for sale
- Ultimately work with the real estate agent and other professionals to find the right buyer
- Go through the overbidding process
It is also important to ensure that the property sells for the right price and that the proceeds are divided among the heirs or beneficiaries appropriately. Unfortunately, it is not uncommon for heirs or beneficiaries to feel that property did not sell for enough or that they did not get a fair share. As a result, it is wise to work with legal professionals throughout the probate process to make sure that all the steps are completed correctly and in accordance with the decedent’s wishes and Ohio state law.