John Karadsheh
A couple of months ago, I took a listing for a house that was an asset of a probate estate. While this is something I have done many times in the past, this particular situation was different.
A single father, in his 40s, had owned the house, and lived with his three teenage children. The father passed away after a short illness and, unfortunately, he did not leave any will or trust. Consequently, the handling of the estate fell to the father’s sister, who currently is navigating the estate through the probate court system.
Without a will or trust in place, the court had to have a separate proceeding to appoint a guardian and conservator for the children, as they were minors. The court also had to appoint a personal representative to manage and liquidate the assets of the estate, which included selling the house, to provide the inheritance to the children’s conservator.
Luckily, there were relatives who were willing to take on these separate responsibilities. What was different about the sale of the house from this particular probate compared to houses I have sold out of other probate estates is that the judge ordered the house could not be sold without the judge’s prior approval of the sale.
The property was very sellable, and shortly after it was listed, I received an offer. While the personal representative accepted the offer on behalf of the estate, we still needed court approval before the transaction could proceed. This meant the attorney handling the estate had to file a formal petition with the court explaining the terms of the sale and why the sale was in the best interest of the heirs, and then obtain a hearing date for the judge to consider the petition. The judge handling the case went on vacation, and, at press time, our court date is still several weeks away.
I only hope the buyer will be patient, otherwise we will have to start this entire process again. In the meantime, the estate must continue to pay the mortgage, property taxes, utilities, HOA fees and insurance. Had there just been a will or trust in place, this entire process would have been far simpler and much less stressful on all those involved.
As you make your New Year’s resolutions for 2014, consider adding get will or trust created to your list. If you already have these documents in place, consider getting them updated or revised, especially if they were created in another state and you now reside in Arizona.
I know that my wife and I struggled to make the difficult decisions as to who would be the guardian to our young children. I am sure that is the main reason people avoid getting their affairs in order. As hard as it was, however, it was easier to make those decisions than to think about a judge handling those decisions for our family.
If you are looking for an attorney to help you with your estate planning needs, I would be happy to recommend an estate planning attorney to you. If you need help with an estate sale or a date of death value, I also would be happy to help you. I have handled many estate transactions over the past 11 years, and know how to navigate the processes.
Wishing you and your family a happy, healthy and prosperous 2014.
John Karadsheh is a licensed REALTOR® with Coldwell Banker, Trails and Paths Premier Properties. He also is an Associate Broker, Accredited Buyers Representative, a Certified Residential Specialist, and was voted in the Top Five Residential Real Estate Agents in Arizona for 2012 and 2013 by Ranking Arizona, the Best of Arizona Business. You can contact John with any of your real estate questions. Call him at (602) 615-0843, or go to his Web site at www.BuyAndSellAZ.com.