Q: Can I write and send a Notice of Proposed Action for sale of tangible personal property BEFORE I have found a buyer?
I am the administrator of my father’s estate in California. I need to liquidate some assets in order to ensure the estate is solvent. An example of an asset I have are some rare vinyl LPs. Can my notice announce my intention to sell, and my intended asking price even if I don’t have a buyer yet?
Or, do I need to find a buyer and write the notice only when I have a 100% confirmed sale?
I am in California and have Full Authority to administer the estate.
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A:
Based on the information provided, here's a concise response to your question:
In California, as an administrator with Full Authority, you can generally send a Notice of Proposed Action (NOPA) for the sale of tangible personal property before finding a buyer.
Key points:
1. The NOPA can announce your intention to sell and the intended asking price.
2. You don't need to wait for a confirmed buyer to send the notice.
3. The notice should include details like the property description, proposed sale terms, and the date on or after which the proposed action may be taken.
This approach allows you to move forward with the liquidation process more efficiently. However, it's important to ensure that the notice complies with all requirements under California Probate Code.
For specific legal advice tailored to your situation, it's advisable to consult with a probate attorney familiar with California law.
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