Testamentary power of sale refers to the authority granted to an executor by a decedent's will to sell the decedent's property. This power allows the executor to manage and liquidate real estate as needed to settle the estate's affairs. The primary responsibility of the executor with this power is to account for the proceeds from any sales made.
This term is primarily used in the context of estate law. Executors are appointed to manage the deceased person's estate, which may include selling real estate to pay debts or distribute assets to beneficiaries. Users can handle some aspects of this process using legal templates from US Legal Forms, which are designed to assist with estate management tasks.
Here are a couple of examples of abatement:
For instance, if a person passes away leaving a house and their will grants the executor the testamentary power of sale, the executor can sell the house to pay off any outstanding debts of the estate. After the sale, the executor must provide a detailed account of the sale proceeds to the beneficiaries.
(hypothetical example) If a decedent's will states that the executor can sell any property to settle debts, the executor might sell a rental property to cover funeral costs and other expenses.
| State | Variation |
|---|---|
| California | Executors may need court approval for sales over a certain value. |
| New York | Specific procedures must be followed for real estate sales. |
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| Power of Attorney | A legal document allowing one person to act on another's behalf. | Testamentary power of sale is specific to executors and estate management, while power of attorney can apply to various situations during a person's life. |
| Executor | A person appointed to administer a will. | The executor may have testamentary power of sale, but not all executors have this authority unless explicitly granted in the will. |
If you are an executor with testamentary power of sale, ensure you understand the terms of the will and your responsibilities. Keep detailed records of any transactions and consult legal templates from US Legal Forms to assist with the sale process. If the situation is complex or if you have questions, consider seeking professional legal advice.
Browse our library of 85,000+ state-specific legal templates.
It is the authority given to an executor by a will to sell the decedent's property.