Rule 7.205 Independent power to sell real property

When someone is in charge of a deceased person's estate (called a personal representative), they sometimes have the power to sell or use real estate as loan collateral, or to lease it for more than a year without getting court approval each time.

If the personal representative has this kind of independent power over real estate, they must report the value of that property when asking the court to set their bond amount. The value they report must be the property's worth minus any money already owed on it, like a mortgage.

A bond is like an insurance policy that protects the estate. By requiring the property's net value to be included, the court can make sure the bond is large enough to cover the real estate the personal representative controls.