Monday, August 06, 2007

Another Probate Term Factoid!

Q. When does a probate property NOT require court confirmation?

A. Although most of the properties we sell do require court confirmation, occasionally we do get properties that don't require court confirmation. Many people ask us, why does this property NOT require court confirmation?

Under the Independent Administration of Estates Act (IAEA), the administrator of the estate can handle the decedent's estate without court approval. The authority to administer the estate under the IAEA can be given by the decedent's will or by the court upon petition by the personal representative.

Properties that are in an estate that is being administered through IAEA can sell the property without court confirmation.

If you have further questions, please feel free to contact us at 310-777-2858.