What Every Executrix or Executor Needs to Know About Selling Real Estate

executrix or executor

When you have been named an executrix or executor, you have many different duties. Your primary duty will be to ensure that all the affairs of the deceased have been taken care of. You tend to the bills, taxes, and real estate needs that the deceased would have upon their death. You will also be the person responsible for matters that go to the probate court, notifications of the death to anyone named in the will, and handling every administrative life matter that the deceased will have when they pass on. Additional duties will include funeral arrangements and plans, and getting the deceased’s home into the condition it needs to be in for the next step. Use this guide if you have been named executrix or executor and learn more about what you need to know about selling real estate.

Your Responsibilities as Executrix or Executor

Whether you have a house and lot in Cavite, General Trias or anywhere else, you need to have an easy plan to execute someone’s final wishes, and your executrix or executor duties will go beyond real estate. Still, real estate will be high on your mind, and you will have many duties to attend to. First, you will need to tend to the funeral arrangements and then work on the financial affairs of the deceased. You may need to have their assets appraised before executing the will.

You’ll also need to make sure their bills are paid. At the same time, you need to prepare any paperwork to get their bills paid and ensure the estate receives any income that it is owed. You may need to apply for probate for the process, to ensure that the person named executrix or executor performs the duties they are required to perform. You will also be responsible for notifying people that the deceased has passed on, and ensuring that they get what has been willed to them.

The executrix or executor is required to show the court that the estate has been administered by the loved one’s wishes. Copies of every record and receipt are typically submitted to the court during this process, so you’ll want to keep a copy of everything. You will be entitled to compensation for all the work that you are doing for the deceased. When the court has approved it, the passing of accounts occurs, and you will be compensated.

Before you begin administering and distributing the estate, you’ll need to get a lawyer who can help you with probate. You have to have an estate account for all financing and list all assets and expenses. The general finances of the deceased will need to be taken care of, with utilities closed and other matters like credit cards and memberships or subscriptions canceled.

Working With the Right Professionals

When you are serving as the executrix or executor of an estate, you will be working with a lot of people who will help you. The real estate of the deceased is a critical component of managing the loved one’s estate. You may want to get some information from a homeowners association website if the deceased lived in something like a condo or community. You will also need to work with many real estate professionals during the sale of any real estate property of the deceased.

You may also be interested in performing an estate sale which will lend proceeds to the deceased’s estate. A probate attorney can help you get all the paperwork that you need from the courts so that it is administered properly. The deceased may have also had an estate planning attorney who would have helped them to prepare their final will and testament. This makes the process so much easier for you.

It is helpful for the efficient administration of executrix or executor duties to work with professionals like attorneys and real estate professionals during this process. The job of an executor is very difficult, and in many cases, emotionally overwhelming. With real estate, you may also need additional professionals like contractors or renovators who can help you to get the home into a condition where it can be sold. It is important to keep in mind that these professionals are not exclusive to wealthy people, as people from all walks of life have assets and wishes when they pass on, and these professionals are available to everyone.

Involving Your Estate Attorney

There are a number of duties estate lawyers can perform to help you manage your executrix or executor functions. This is an attorney who manages all the end-of-life planning and decisions. This person will help you to identify all beneficiaries and help you to establish any power of attorney if this has not already happened. Estate attorneys can help your loved one to make end-of-life decisions on their own so that some of these difficult choices are not left up to you when the time comes.

This is much different than a probate attorney who will help you file everything you need to file with the court when the deceased passes away. The court will help to ensure that everyone named in the will receives what they have been willed. The court will also determine that the executrix or executor has performed their duties properly and is managing the duties in accordance with the will of the deceased. You will have a lot of financial paperwork and obligations when you are an executor or executrix, and your probate attorney can help to ensure that paperwork gets done.

Taking the Estate Plan Into Account

The estate plan is the most important document or set of documents for the executrix. It is not the job of the executor to make many decisions during the time they are handling arrangements for the deceased. The job of the executor is to ensure that the estate and life of the deceased are administrated in a way that all the paperwork and life details of the deceased are managed successfully, responsibly, and ethically. An estate planning attorney can help you to ensure that you have the right documents to work from when you are performing these duties.

The estate plan is an extension of the last will and testament of the deceased. It formalizes what the deceased wants and what their wishes are upon their death. There may be a distribution of assets, but there may also be income to the estate through real estate, life insurance, or other assets. Use the estate plan when you are performing these duties and your job as an executor will be easier.

Securing the Property Before Sale

Getting the property ready for resale is one of the biggest tasks of the executor. There is no telling how much work this will take until you get there. When someone passes, their real estate suddenly becomes a known target to predators and perpetrators. One of the first things you will want to do as an executor is ensure that the property is secured or has a security system before you begin managing its sale or rental.

You will want to make sure that any entry doors have a security lock on them that can not be broken into. If you have a budget for security cameras, this is a good time to have them installed to keep the property secure. You may also want to invest in other measures such as additional locks around gates or fencing on the property. Hire a security professional who can help you with some of this planning if you are not sure where to start here.

Working With a Property Management Company

A property management company is a group or company that will help you to manage any property after death or when you are renting it out. A property manager can take a lot of the headache off of your hands when you are serving as executor or executrix. This person can help to rent any property to tenants if you are legally able to make an income off of the property after the deceased has passed. This person or company will also manage any maintenance and general duties on the land or property for you while you are serving as executor of the will.

executrix or executor

Clearing the Deceased’s Possessions Out of the Home

One of the most difficult tasks of the executor if they are a loved one of the deceased is clearing out of the home. Packing up things and selling or giving away items of the deceased when they pass away will be difficult emotionally and physically, and it is also a giant chore for you to do. You will likely be responsible for clearing out all the loved one’s possessions when the time comes. A dumpster rental and some family members will all come in handy here.

It is helpful to pick a day or a few weekends for this task. The contents of the home will also be at risk of landing in the wrong hands, and a security system will help. At the same time, this task will be difficult for any loved ones that are involved in it. An executor can help to keep the focus on the task at hand with loving kindness, and will likely be picked for this role for the deceased with that in mind.

Getting the Property to Sell-Worthy Condition

When you are an executrix or executor, a key task will be to sell any real estate of the deceased. You will need to do any repairs or renovations that may be necessary to get the home into a sellable condition. Roof repairs will be a common starting point here. But you may also need to do a lot of other duties including landscaping, general painting, along with the clearing out of any possessions.

With these tasks you will also want to handle any major plumbing repairs, check the hot water heater and boiler or furnace to see if they need to be replaced, and will want to know the electricity is in good shape. You may also want to do some touching up on the interior, including wall painting or replacing any floors to freshen up an older-looking home. If there is a budget for it, you may also want to renovate the kitchens or bathrooms to make the home more sellable. Talk to staging companies and real estate agents about ideas or things they would expect before putting the home up for sale.

executrix or executor

Insuring the Home Before Sale

Every home needs to have homeowner’s insurance if it is financed. For many people that have passed on, the home is paid for already and there is no requirement for insurance. As the executor of the will, you are responsible for ensuring that the home is secure and stays secure. This is a good time to talk to homeowners insurance companies to get some quotes for basic home insurance that can cover you in the event of a tragedy or crisis at the home after the deceased has passed on.

Selling to a Family Member

When you are an executor, dealing with the family of the deceased can be very easy. It can also be very challenging and emotional. You may also be a family member. Among the easiest ways to sell the property of the deceased is to sell it to a family member.

If this option is available to you, you can help the family member make all the arrangements with very little issue. They may need a l ong distance moving company, and you can help them to manage the sale of the property. This takes the headache of putting it on the market off the table for you. Consider every option when you are performing this task.

When you are the executor of a will, the list of things to do can feel endless. Hire professionals to help whenever and wherever you can. Enlist the family members that can make this an easy time for you. This is an honorable task and with help, can be easy for you.

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