Losing a loved one is always a devastating experience. Unfortunately, death also tends to come with a whole lot of paperwork and admin, which also makes it one of the most stressful experiences.
This is certainly the case if you are tasked with being an executor, responsible for implementing the will and dividing up the estate. You might be tasked with selling the estate and distributing the proceeds.
If so, you might be wondering how long an executor has to sell a house. Here's what you need to know about the home selling process if you are a will executor in Arizona.
The Will Part
The first part of the home-selling timeline is submitting the deceased's will to an Arizona court. Before you do this, the clock is officially already ticking.
While there is no hard deadline for submitting a notarized will to an Arizona court, lawyers will strongly advise that you do so within 30 days to avoid any confusion or suspicions from other parties, including the courts.
Inventory
Once you have handed the will to the court, you are tasked with compiling an inventory of the deceased's entire estate. This means you need to work out an estimate of the contents of the estate, and this may include an assessment of the fair market value of any real estate.
This one does have a deadline. You will usually be given 90 days from the date of the will submission to file a full inventory.
Creditors, Debts, and Taxes
Note that, in Arizona, the deceased's assets can be used to pay off outstanding debts and taxes. Once you submit the will, creditors will have a four-month window in which they can file a claim against the estate.
If they fail to do so during this time, you are not obligated to pay them from the proceeds of the estate. However, you will likely need to pay any outstanding income or estate taxes to the IRS regardless.
How Long Does An Executor Have to Sell a House?
So, how long does an executor have to sell a house? Once the court approves you as executor, you are allowed to sell the house and can do so before submitting inventory, as long as the proceeds from the house sale are included in that inventory.
There is no fixed date in Arizona law for when you should complete a sale, but you should do it quickly to avoid financial and legal complications with third parties. Luckily, Arizona houses still sell quickly, and you should be able to complete your probate within a few weeks in most cases.
We Can Help You Sell Your House Fast
When asking "How long does an executor have to sell a house", the answer always depends on the situation. However, as an executor, you probably just want to put this business behind you and ensure that you and your family get the proceeds you are entitled to. For this, we can help.
At AZ Home Buyer, we know Arizona real estate. We have extensive experience selling Phoenix properties quickly and for the right price. Give us a call to find out how we can help you during this challenging time.
