I get this question all the time and here is my simplified explination:
Limited authority in a probate case means that the personal representative is only allowed to perform certain tasks, such as selling real estate or collecting debts. The court will supervise these tasks more closely than if the personal representative had full authority.
The personal representative’s limited authority is granted by the court in the probate order. The probate order also sets out the specific tasks that the personal representative is allowed to perform.
The personal representative must file a report with the court each month accounting for all of the estate’s assets and liabilities. The report must also include a list of all of the tasks that the personal representative has completed during the month.
The court can revoke the personal representative’s limited authority at any time if the personal representative is not acting in the best interests of the estate.
If the Estate is Selling Real Property it may be subject to court approval and an overbid process. “Subject to overbid” means that the sale of a property is not final until the court has confirmed the sale. At the confirmation hearing, other bidders can come forward and offer to buy the property for a higher price. The judge will then decide whether to accept the higher offer.
If the higher offer is accepted, the original buyer will have the opportunity to withdraw their offer. If they do not withdraw their offer, they will be the first buyer to purchase the property.
The overbidding process can be a bit complicated, but it is designed to ensure that the best possible price is paid for the property.
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