Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney to discuss your specific situation.
Detailed Answer
When you serve as a personal representative in Wyoming, you may need to sell or auction personal property to pay estate expenses and ensure each heir receives a fair share. Wyoming law provides two primary methods: private sale and public auction.
1. Private Sale of Personal Property
Under W.S. 2-6-110, a personal representative may sell or exchange personal property without court approval if the sale serves the estate’s best interests and yields fair value. Key steps include:
- Obtain at least two independent appraisals or market comparisons to establish fair market value.
- Notify heirs in writing of the proposed sale, giving them an opportunity to object within 14 days.
- Document the sale terms and deposit proceeds into the estate account.
2. Public Auction of Personal Property
If private sale does not produce fair value or at the heirs’ request, Wyoming law authorizes a public auction. Under W.S. 2-6-111:
- The representative must publish notice of the auction once a week for two consecutive weeks in a newspaper of general circulation in the county where the probate is pending.
- Property goes to the highest bidder, subject to a minimum bid set at fair market value.
- Funds from the sale must be deposited in the estate bank account, and an accounting provided to the court and heirs.
3. Equalizing Distributions
After sale proceeds cover estate expenses (like funeral costs, taxes, and administration fees), you can allocate the remaining balance to heirs. Wyoming’s distribution rules (see W.S. 2-6-401) guide the division of net assets. To equalize:
- Determine the total net sale proceeds.
- Divide the net cash by the number of heirs for equal shares.
- If some heirs received advances (gifts or loans from the estate before sale), credit these amounts against their share.
Helpful Hints
- Keep clear records of appraisals, notices, bids, and bank deposits to support accounting.
- Communicate regularly with heirs to reduce disputes and objections.
- Consider hiring a professional auctioneer to maximize sale value.
- Review all estate invoices and taxes before final distribution to ensure accuracy.
- File a final accounting with the probate court showing all sales, expenses, and distributions.