Many people do not know what a probate sale is. A probate sale is a public auction to sell the goods and assets of a deceased person who has designated no heirs or beneficiaries, or has left no will. For those who do not have the resources to pay for funeral costs, a probate sale can be an important source of funds. Here are some things you should know about it.
What is a probate sale?
A probate sale is a public auction of the goods and assets of a deceased person. In a probate sale, the person who is the executor of the estate, or the person authorized to act on behalf of the estate, conducts an auction to sell the assets of the estate. If you don’t want the proceeds of the sale to go to the legal heirs of the deceased person, you may want to act as an interested party at the auction. By doing this, you can purchase the assets from the estate for a reduced price. You can also put a lien on the estate’s assets in case the legal heirs do not pay the full amount of the assets. This can help to reduce your tax liability as well.
Who should be aware of the probate sale?
Anyone who has had any dealings with the deceased, either in the past or in recent years, should be aware of the probate sale. Not only should you check with anyone you had dealings with in the past or in recent years, but you should also find out whether your name is on any probate documents relating to the deceased. If you are not on the documents, then you may be a beneficiary of an estate and not even know it.
Probate laws differ from state to state, so you should seek advice from a probate attorney in the state in which the deceased person lived or where you intend to do business. Such attorneys are usually specialists in probate law who can help you deal with the probate process in your state.
How does it work?
The probate sale works as follows:
Probate procedures are defined by the laws of most states. There is usually a court-appointed administrator or a trustee to handle the legal proceedings, conduct the auction, and deliver the goods to the winning bidder. The probate auction is also typically followed by a court hearing, to determine the fair value of the goods and property being sold. The auction typically attracts bidders from all over the world, because there are a number of buyers that will bid for rare and special items, like antique objects, wines, jewelry, and automobiles.
Who can bid?
Usually, anyone can bid. For this reason, the auction is often advertised by mail or by word of mouth.
Why do people need to know about it?
A probate sale can give family members of the deceased the chance to pay for the funeral costs they would have otherwise had to incur. If there are no heirs to pay for the funeral, a probate sale can allow you to have a memorial service or burial without having to worry about other people’s money.
How to get one?
The Probate Sale in Illinois is usually done by two companies. The first is Sterling Auction & Liquidations, which is licensed as a member of the National Auctioneers Association. While some states have more than one type of auction company, the process for getting one through the state is the same. You will need to provide the company with basic information about the deceased, their property and location, and their wishes. The process typically takes four to six weeks.
Probate sales can be a good source of funds for people who have no resources to pay for funeral costs. It is important to ensure that the trustee you hire is a legitimate entity, and has no connections with the person whose estate you are trying to sell. The proceeds from these sales are for the benefit of the deceased’s estate, and should be used for that. You should also be careful to ensure that the trustee you choose will act in your best interest.