When a homeowner dies without a will bequeathing his or her property to an heir. Usually, an estate attorney or representative has to sell the property in order to liquidate the asset and distribute the money to homeowner’s estate.
- Example : Lorraine passed away without a will. Her sister, Vivian, hires an attorney to have Vivian appointed as the administratrix of Lorraine’s estate. Once appointed, Vivian hires a real estate agent to sell the property. Once sold, Vivian deposits the proceeds from the sale in the estate bank account.