What is the Proper Procedure for Selling Assets That Are Within an Estate

[jdistelrath1]

My question involves estate proceedings in the state of: Indiana

My father passed away in January of this year with a will and I am the personal representative and only heir of the estate/will. I am curious as to what the proper procedure is in order to sell assets out of the estate. I'm unsure to whether this process is different than say me selling my own car or other personal property.
My father has homes, vehicles, trailers and personal property. Please explain each process to me if they are different. Thank you.

[jsmith281]

It sounds like your father estate is substantial,find yourself a probate lawyer and let him guide you through probate and dispose/distribute his assets .
Does your father owe anyone money-like mortgages/auto loan to bank or finance company,did he promise anyone 'goodies',do you have siblings and step siblings ,relatives ,step mother,father mistress etc who could contest the will?
A probate lawyer may charge you a few thousand dollars but it is worth it

[jdistelrath1]

My father's estate is substantial. I currently have a probate attorney who is working for me to assist me with the administration of the estate. We are currently at the point where we are compiling the estate inventory for the courts. My father does not have any debt as far as mortgages, bank notes, car loans, credit cards, etc. He was completely debt free. I am the sole heir and the personal representative of the estate. My current issue is that both myself, my family and extended family have no interest in any of the estate's assets. My thought is to sell the assets that no one has an interest in and share the financial value with my family and extended family. My question was how specifically do I sell an asset that is in my father's name, while I act as the personal representative of the estate? Is it no different that me selling my own car, boat, house, etc? or Is there a special process I must follow?

My attorney has been allowing me to play QB on everything, but I've been trying not to "bother" him with every question on the planet because he is busy, plus the cost impact that his time incurs for me.

[harrylime]

When you are appointed by the court as the estate's personal representative (unclear from your posts whether this has actually happened yet), the court will issue letters testamentary to you. Those letters are the evidence that you have the legal authority to administer the estate and undertake transactions on behalf of the estate, including disposal/sale of the estate's assets.

If you are the sole beneficiary under the will and you are intending to share the estate's assets with other members of the family, you might want to discuss the best and easiest way to do so with your attorney. Once you receive the assets, giving them (cash or otherwise) to other family members would be gifts from you to them. Depending upon the size of the gifts, you may be required to report some or all to the IRS (gifts greater than $13K to any one person in any one year). That probably is not a big deal, but at least understand it before doing so.

[jsmith281]

It sounds like the court has not approved yet.
Once you have the court papers like harrylime said,you should be able to have titles of cars and houses transferred into your name or name of 'estate of Mr xyz(your father)' you should open a special bank account to receive all the proceeds from selling the houses,cars,personal assets etc ,then distribute the cash from that account.
If your lawyer is too busy,why not hire another lawyer who can spend more time on your case,there are plenty of hungry lawyers out there?
You need to find titles of these real properties and cars and trailers,and have those titles changed ,else how can you sell them?
As for personal asset,you can ask auctioneer to handle the whole house,they will advertise and hold the auction or garage sale and charge you a fee.

[jdistelrath1]

I have been appointed by the probate court as the estate's personal representative. I have the letters of testamentary. I am the personal representative and sole heir of the entire estate. But I wish to "share the wealth" with my family. The estate has been opened for approximately a month and a half. I have opened an estate account, I have transferred my father's money, including his retirement accounts, CD's Savings, etc to his estate account. The only accounts that were not transferred were items that had beneficiaries.

I am currently completing the estate inventory for my lawyer. Running concurrently, I am organizing an auction style event to sell off a pretty large amount of my fathers possessions as no one, including myself, has any interest in buying or having the items given to them. Once I get to the final phase, I'd like to share what is left in the bank with my extended family members as my father would have wanted me to do so, even though it is not stated in his will.

I think we've lost focus about what my very specific question which is: What is the literal process for transferring an item, house, boat, vehicle, trailer, etc. that is sold out of the estate to another person? Is all of my father's property considered "at my disposal" at this point since I'm the personal representative? I do understand that my father's property is not "mine" or anyone elses until the estate closes completely.

[harrylime]

I think we've lost focus about what my very specific question which is: What is the literal process for transferring an item, house, boat, vehicle, trailer, etc. that is sold out of the estate to another person? Is all of my father's property considered "at my disposal" at this point since I'm the personal representative? I do understand that my father's property is not "mine" or anyone elses until the estate closes completely.

I'm not certain that I understand the question. With the letters, you have the legal authority to sign any documents on behalf of the estate. You sign as "Personal Representative for the Estate of xxxx" (or something along those lines) and you will probably have to show the letters and/or provide a copy.

[distressedmom]

Having been an executor, I understand not wanting to incur more than you need to in legal expenses. I had to sell a house, cars and personal property. There were different ways to handle them all.
Properly disposing estate assets is a big thing, and one that the probate attorney should be involved with.

[jsmith281]

I think he wants the road map or specific instructions like he has the auto title in his hand,his father name is on that title.
now what?
If someone wants to buy that car,or house or trailer or that lamborghini ,THEY ARE ALL IN HIS FATHER 'S NAME,what should he do?
if you want some free advise,call Salvation army and said you want to donate your father's car,house,whatver and you are the executor ,beneficiary and ask them what to do,I bet they would be happy to help you.
Your lawyer should really be telling you what to do.

[jk]

If someone wants to buy that car,or house or trailer or that lamborghini ,THEY ARE ALL IN HIS FATHER 'S NAME,what should he do?
o.

harrylime already gave him direction that was that specific.

what OP seems to not understand is: although he feels giving, he must comply with the terms of the will which, based on what has been presented is OP inherits everything. If OP wants to give friends and relatives money once it is his to give, he has that right. Harrylime simply suggested understanding the tax liabilities of doing so.