In Florida probate, the personal representative is the individual appointed in court to administer, execute, and distribute a decedent’s estate. If applicable, the personal representative may sell assets from the estate and use the proceeds to fund the costs involved in the process.
In this article, you will find out how an estate sale works during probate in Florida.
Estate Sales & Probate in Florida – What You Need to Know
Depending on the size and complexity of a deceased’s estate in Florida, the personal representative might need assistance to sell assets subject to probate. An estate sale is a service that facilitates the sale of items from the estate, helping to speed up the process.
When an estate sales company contracts with a personal representative or beneficiary from an estate, it will conduct the sale of the items through auctions or informal sales. The proceeds obtained in the process return to the estate, either being used to pay valid claims against the state or distributed to the rightful beneficiaries.
The services of the company encompass any assets, from household furniture and collectibles to real estate. The company will take care of inventorying the assets, pricing each asset, collecting, and selling them for fair.
In exchange for their services, the company earns a percentage of the total amount obtained in the sales as a commission.
Florida Real Property vs. Estate Sales – As Provided by Law
Florida Statutes §733.612 (21) provides that, “except as otherwise provided by the will or court order,” the personal representative has the authority to “sell, mortgage, or lease any personal property of the estate or any interest in it for cash, credit, or for part cash or part credit, and with or without security for the unpaid balance.”
In this process, the personal representative does not necessarily to act personally. Instead, Florida Statutes §733.612 (19) authorizes the executor to “employ one or more agents to perform any act of administration, whether or not discretionary.”
The same statute specifies that “any fees and compensation paid to a person who is the same as, associated with, or employed by, the personal representative shall be taken into consideration in determining the personal representative’s compensation.”
If the power to sell real property is not conferred in the will, Florida Probate Rule 5.370 (a) states that “the personal representative shall file a verified petition setting forth the reasons for the sale, a description of the real property sold or proposed to be sold, and the price and terms of the sale.”
As provided by Florida Probate Rule 5.370 (b), “if the sale is authorized or confirmed, the order shall describe the real property. An order authorizing a sale may provide for the public or private sale of the real property described therein, in parcels or as a whole.”
The same rule adds that “an order authorizing a private sale shall specify the price and terms of the sale. An order authorizing a public sale shall specify the type of notice of sale to be given by the personal representative.”
How Do Estate Sales Work During Probate in Florida – Immediately Work with an Expert Florida Probate Attorney
A well-versed legal advisor in Florida probate law, Attorney Romy B. Jurado willingly wants to assist you. Contact us today by calling (305) 921-0976 or emailing [email protected] to schedule a consultation.