While taking a listing for a house, which was an asset of a probate estate, is something I have done many times in the past, the listing taken on a couple months ago was different.
A single father, in his 40s, had owned this house where he lived with three teenage children. The father passed away after a short illness. 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 the fact 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 heir, 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 still is 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 2013, 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 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. But as hard as it was, 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 10 years, and know how to navigate the processes.
Wishing you and your family a happy, healthy and prosperous 2013.
John Karadsheh is an Associate Broker and a licensed REALTOR® with Coldwell Banker Trails And Paths Premier Properties. He also is an Associate Broker, Accredited Buyers Representative and a Certified Residential Specialist. 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.