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That person is tasked with ensuring that the deceased person’s debts are paid and that the leftover assets can be appropriately distributed according to their wishes. Although failure to file by itself is not a criminal violation, in most states this subjects the person to a lawsuit by someone who was financially hurt by the failure to file. State law will set the maximum fair market value of the deceased’s entire estate that can pass in this manner. People frequently don’t bother to file a will if there is no apparent need to open probate because the person left nothing of the value or because all items of value were put into a trust, a joint account or some other form designed to avoid probate.

If there is no appointed executor, then the closest relative will be appointed as an administrator either by the court or other relatives. When the property has an accepted offer, a Notice of Proposed Action is mailed to all heirs, simply stating the terms of the proposed sale. Before approving the original buyer offer, the judge will ask if there is anyone in the courtroom who would like to bid on the property. The judge will also accept additional bids in much the same manner as an auction until the highest bid available has been made at the confirmation hearing.

Buck Buys Houses is dedicated to helping you sell your Seattle house fast for cash no matter what is going on in the world. We’ve spoken to people in foreclosure, people who needed to sell before buying another home, people who have tenants in their home, and couples going through a divorce and needing to sell. No matter what is going on out there, we are still able to serve you, determine the value of your house, and help you sell it quickly. If you have had to deal with the consequences of the coronavirus pandemic, either from being infected or not being able to work, we understand you may need to sell your house now more than ever before.

The “principal” is the person who creates the power of attorney and grants an agent or attorney-in-fact the power to handle certain financial and/or health care matters for them. For example, Washington has many elements that must be in the affidavit, including the decedent was a resident of Washington, that the value of the probate estate is less than one hundred thousand dollars, and that all creditors have been handled, among other requirements. Generally, a trust is a legal instrument in which a person or entity (the trustee) holds property for the benefit of another person (the beneficiary) pursuant to the terms of a written trust agreement. The duties often include prudently managing funds contained in the trust, answering questions from beneficiaries, distributing assets of the trust, following the instructions in the trust, and paying the bills and taxes of the trust.