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Three Instances When you Should Sell Property

When Should You Sell Property in an Estate?

Deciding when to sell property in an estate will vary from family to family but some circumstances make the decision to sell easier.  The following are situations in which you should consider selling property of the estate:

1. If the estate includes real estate that is expensive to maintain, it may be more cost-effective to sell the property.  Real estate taxes, home maintenance and even lawn or pool maintenance may add up to make a property too expensive to keep.

2. If beneficiaries are granted property to share, but they don’t agree on how to share the property, it may be best to sell it and divide the proceeds of the property equally.

3. The estate may need cash to cover medical expenses, the funeral or other expenses of the estate.  Selling property is a good way to use the estate assets to cover the estate debts.

Get Legal Help

Deciding how and when to sell property in an estate may be dictated by state laws if the estate is in probate proceedings or may be dictated by trust restrictions.  Experienced Estate Administration Attorney Elga Goodman can help you manage the estate assets wisely.  Contact us today at 973-841-5111.

Posted in: Estate Planning, New York Estate Planning