There are many responsibilities involved with being an estate executor in Ohio. You must identify and locate the estates assets, pay off estate debts and distribute assets to heirs, among other tasks.
You might experience complications throughout the probate process which could require selling assets, such as property. This most commonly occurs when property needs to be sold to pay the debts of the estate.
Selling a property is generally easier if the decedent died with a will, since the will may specifically say the executor has the right to sell property. The process can be more complex if the decedent did not have a will.
Yes, you can sell estate property
Ohio law permits executors to sell property of the decedent. If the property must be sold to pay debts, this is permitted even if there are heirs to the property. In fact, the law allows property to be sold even if there are no outstanding debts to pay.
To sell the property, you must file an action in probate court. The court decides if the property should be sold by examining various factors.
Requirements for the sale
The property can only be sold if at least 50% of all individuals interested in the sale consent to the sale or no one has an interest of more than 10% in the property. Even without consent, the court can still order the property to be sold if it determines the sale is in the best interest of the estate.
Objections to the sale may be filed by individuals. However, they must hold a certain percentage of interest in the property.
You may have questions about your duties and powers as the executor or administrator of an Ohio estate, particularly when it comes to issues such as selling property. It is important to get answers to your questions from someone with professional experience.
