Q: Can I sell estate assets to pay debts with IAEA authorization?

A: Congratulations on being appointed administrator. With full IAEA authority, you can liquidate assets. You will need to send out a Notice of Proposed Action to all heirs when you accept an offer for the sale of the house. You will also need to set up an estate bank account, obtain an EIN number from the IRS, complete tax returns if necessary, and complete a host of other tasks as administrator. Best of luck with this, and I recommend consulting with an attorney along the way if you need guidance or assistance.

A: Yes, with Independent Administration of Estates Act (IAEA) authorization, you generally have the authority to sell estate assets, including real property and vehicles, without obtaining court approval. Since you've received probate Letters granting you full authority, you're allowed to proceed with the sale of these assets to settle the estate’s debts. It’s important that you've already verbally notified the beneficiaries and received their consent, as communication can prevent misunderstandings later on.

However, even with IAEA authority, there are certain procedural steps you must follow. You need to provide a formal written Notice of Proposed Action to all beneficiaries before finalizing the sale, giving them at least 15 days to object in writing if they change their minds. Documenting this notice and keeping proof of delivery can protect you from potential disputes in the future.

Lastly, after the assets are sold, you'll be required to provide an accounting to the court and beneficiaries, detailing all transactions and demonstrating how the funds were used to satisfy debts and expenses. Keeping accurate records of each transaction, including communications with creditors like the mortgage company, will make this accounting easier. As long as you carefully document each step and maintain clear communication with everyone involved, you can confidently move forward with selling the estate assets.