Can the Executrix of a Will Sell Real Estate?
An executrix is a female estate executor, or personal representative as the position is called in some states. The executrix is usually named in the decedent's last will and testament and formally appointed by the probate court. An executrix is responsible for administration of the decedent's estate, and that includes selling any real estate or personal property. Except for the simplest estates, legal representation is advisable.
Other People Are Reading
-
Duties of the Executrix
-
The executrix has a fiduciary responsibility to the estate. Her duties start with filing the original will and a certified copy of the death certificate with the probate court in the county in which the decedent lived. The court then officially appoints her and issues letters testamentary -- the documents necessary for estate administration. The executrix must file a notice to creditors in a local newspaper, maintain estate property, pay bills, file the decedent's last tax return and an estate tax return and ensure assets are distributed to designated heirs. She must also hire professionals such as attorneys, accountants and appraisers.
Selling Real Estate
-
The executrix is often related to the decedent and is herself an estate beneficiary. A parent may name his daughter as the estate executrix, for instance. Upon appointment as executrix, she assumes legal responsibility for handling any and all affairs of the estate. If real estate is involved, she may sell it unless a specific property is left to a specific heir. The decedent's residence may be a major estate asset and has to be sold to settle the estate and distribute proceeds to the heirs. If the family home is left for division among siblings, one sibling may buy out the others' interest, but the executrix would oversee the transaction.
-
Inventorying Assets
-
The executrix must compile an inventory of all the assets held solely in the decedent's name along with the value at the time of death and submit it to the probate court. This includes all real estate and personal property, including bank, brokerage and mutual fund accounts, stocks and bonds, cash, motor vehicles, art, antiques, jewelry and other valuables. Beneficiaries have the right to receive a copy of the inventory.
Compensation
-
Depending on the size and complexity of the estate, the executrix may spend a great deal of time on administration. Most states permit the executrix to claim a certain percentage of the estate's assets as compensation, or the testator may have specified an amount in the will. Laws on executor compensation vary depending on the state. The executrix may also waive compensation, especially if she is a beneficiary and any other heirs are also relatives.
-
