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      <h3>Probate and Estate Sales</h3>
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      <i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: Mika Hamilton<br>
      Posted: 2006-11-27 21:22:45</i>
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      &#8220;It's all about quality of life and finding a happy balance between work and friends and family.&#8221;-Philip GreenProbate and estate sales usually occur when someone wealthy dies. Estate sales have to be conducted because the decedent did not leave a will and everything is in his name. If there is more then one person who can receive the inheritance then it must be shared.Sharing can become a problem. Even if everyone involved cooperates, if they live in different places and have different lives sharing a house and cars can be difficult. What usually occurs in this instance is that all the property is sold at a probate or estate sale, and the profits from that sale are split between the heirs.The second type of situation is when a person dies and leaves behind a great deal of debt. For example, perhaps the decedent owed taxes or had huge credit card bills. If this occurs, then the decedent's property is sold to make enough money to pay his debts. The heirs can split what is let of the estate.The sale is usually done by a personal representative. Usually the court appoints someone who is subjective but knew the family. His responsibility is to sell the estate or place it up for auction. He must do everything with the family's consent.However, he does not need the court's approval unless there is some sort of problem with the family cooperating. Most states, and counties have their own rules for how probate or estate sales are conducted. Probate and estate sales can be fairly rough on the family and have to be handled pretty delicately.Death is an emotional time for most people and the thought of having to give up important family items can be devastating. Unfortunately, it has to be done.Probate and estate sales can take a great deal of time complete. Sometimes over 2 years. In the meantime a judge will make a judgment that the heirs will receive an allowance so that they can live the way they are used to.For these reasons it is extremely important for an individual to have both a living will and a regular will. A living will, outlines what will happen in the event that you are in a coma or otherwise alive but unable to make decisions for yourself. A regular will is only read after your death and it stipulates how your assets will be divided and who will be in charge.
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