Estate, Probate & Senior Resources
We Can Make This Tough Time Easier!
Be advised that no one should ever tell you that being an executor or personal representative will be easy. You will be making decisions you truly never thought you would have to make, and it's hard. As an experienced Real Estate Professional, we will make sure that you are always well-informed in regard to these decisions - especially as they pertain to real estate. We will also help you with some of the difficult conversations you may have to have with family members and other heirs. If you haven't yet secured the services of a competent probate attorney, we can help you choose one whose good work we know and are comfortable recommending.
We'll help you at every step along the way and do everything possible to steer you clear of the minefields. Of course, you'll still have to make some interesting choices, but having us as an advisor by your side makes the task significantly less lonely and stressful.
Don't Know Where To Start?
The process of selling your loved one’s home is likely going to be emotionally challenging, from the sorting of the personal belongings to the finalization of the sale at the closing table. By surrounding yourself with professionals who are empathetic and helpful, this process can be easier. Other than an attorney, your greatest resources are real estate professionals that understand the intricacies of probate property sales.
You Don't Have To Take On Probate Alone
You have a life and job and family. With your added job as Executor or Administrator you time will be limited. Why not allow us to help minimize your stress finding a mover, a clean up crew, a self-storage unit, an attorney, a financial advisor, and .............
You don't have to take all of this on alone! The sooner you get us on board, the easier it will be for you and your family.
80% of American's wealth is in their home.
Everyone needs time to deal with the passing of a loved one. When it's time to liquidate the real estate in the estate, you need to take the appropriate steps to learn the market, educate yourself and find an empathetic REALTOR® that can save you time, money and headaches during the transaction. My team is ready to help in every phase of the transaction and get the terms you and your family want and need.
Determine the Market Value of the Property and Provide a Marketing Strategy, negotiations
Communicate with multiple beneficiaries, legal team, buyers, contractors, Title company, estate sale company, and financial advisors
Help with probate paperwork, deadlines, and procedures, and follow the Code of Ethics as a REALTOR®
I might not know all the answers but I pledge I will do my best to find a solution to your challenges
The Job of An Executor/Administrator
A: The main tasks of a Personal Representative are to:
(1) determine if there are any probate assets;
(2) identify, gather, and inventory the assets of the deceased;
(3) receive payments due the estate, including interest, dividends, and other income (e.g., unpaid salary, vacation pay, and other company benefits);
(4) set up a checking account for the estate;
(5) figure out who is going to get what and how much under the Will (if there is no Will, the state’s “interstate succession laws” apply);
(6) value or appraise the estate’s assets;
(7) give legal notice to potential creditors (the procedure and deadlines for creditors to file claims vary from state-to-state);
(8) investigate the validity of all claims against the estate;
(9) pay funeral bills, outstanding debts, and valid claims;
(10) pay the expenses of administrating the estate;
(11) handle various paperwork, such as discontinuing utilities and charge cards, and notifying Social Security, Civil Service, and Veterans Administration of the death;
(12) file and pay income and estate taxes;
(13) distribute the remaining property in accordance with the instructions provided in the deceased’s Will; and
(14) close probate.
The Probate Process
- An original (signed and executed) copy of the will is delivered to the local probate court or whatever court supervises probates in that locale.
- A notice of the Petition for Probate is published in a local newspaper. This is usually a requirement prior to the formal appointment and/or certification of the personal representative (executor / executrix) who was named in the will, assuming a will exists (legally referred to as “testate”), or the court-appointed administrator if there is no will (referred to as “intestate”).
- After the certification or appointment of the personal representative has been made official, they then file their formal petition with the court to probate the estate.
- Following that step and generally for a legally specified period of time (four months is typical) from the date of the public notification of the petition for probate, creditors against the estate are allowed to file their claims. This includes any previously unpaid debts, other liens or judgments, debts resulting from medical care, funeral expenses, outstanding taxes, and other encumbrances.
- During this same period, the personal representative will be working to identify, gather and secure the assets of the estate in such a manner as to be able to ultimately distribute them in accordance with the will or court directives. To accomplish this, the personal representative will also need to locate and access all bank and other types of security accounts; determine any of the remaining debts owed by the decedent that require settlement; determine any real property(s) owned by the decedent and secure the titles to these and any other assets that will ultimately need to be disposed of.
- It’s also the responsibility of the personal representative to maintain these assets safely, properly and in good condition during their period of stewardship as well as collecting any income (rents, residuals, interest payments, etc.) that are due to the Estate. To do so, the representative must be aware of and maintain proper insurance coverage; protecting the assets from theft or damage, etc.
- The personal representative may also (if permitted or desired) liquidate some of the hard assets such as cars, real estate, etc. This is often done to provide the cash required to compensate creditors.
- When the formal claims period has expired and all assets have been collected; property that needed to be sold has been sold; and assuming no problems have arisen such as a contesting of the will by any of the heirs or other contested claims against the estate, the personal representative will usually file their final petition with the probate court to allow a complete distribution of all remaining assets to the heirs and beneficiaries. This final petition includes a detailed accounting to the court explaining all of the expenses incurred, funds and assets received and disbursed, how any assets were invested or otherwise used, and the proposed final plan for final asset distribution.
- Assuming the court approves this petition, the personal representative then distributes the assets as instructed in the will and detailed by the approved petition, and/or as required by law or the courts if there was no will.
If You Are An Attorney
If you are an attorney who has experience working with probate issues, we’d certainly like to get to know you better. Because of our niche on this segment of the market, we frequently need to make referrals to attorneys and other specialists to provide assistance and guidance to our clients in many areas. If you would like to be considered for referrals, please contact us.