Banks, title companies, and county recorders require letters testamentary (or letters of administration where there is no will) before they will accept the executor's signature on transactions. Most courts issue letters within a few weeks of opening probate.
Related terms
Step-Up in Basis
A federal tax rule (IRC §1014) that resets an inherited asset's cost basis to its fair market value on the date of the original owner's death.
Probate
The court-supervised process of validating a will, paying the deceased's debts, and transferring remaining assets to heirs.
Inheritance Tax
A state-level tax paid by the heir on the value of property received from a deceased person.