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Probate sale is a term you might need to understand someday. Here’s what it means.
The sale of an owner’s property after his death is referred to as a “probate sale.” A probate sale may include real property, such as a home, land, personal possessions, and any other asset that can be converted to cash. A court normally supervises sales, and proceeds are divided among creditors and heirs.
If you have spent time house hunting, you may have come across a probate sale. Such a property is being sold under the supervision of the probate court because the owner died without bequeathing the property to an heir. The probate process is time consuming and there is a lot of paperwork. It generally takes between 18 and 36 months to close a case.
Say a parent dies without a will. Some states do not require that estates go through probate as long as they are small enough, but most states will have some say in the process. Check the laws of your state regarding the necessity of probate. In most states, a probate case requires that you take certain steps, including the following: