Have you appointed an Executor to your estate for the disposition of your personal assets including the sale of your real estate holdings? Essentially, the executor’s job is to carry out a deceased person’s wishes, making sure that assets go to the people or organizations the deceased person wanted to inherit them. But of course, this simple fact doesn’t begin to hint at the work involved or the emotional aspects of being the Executor of an estate. It’s not always easy, but it’s a job that your executor can do well if he/she brings to it a large measures of patience and persistence this individual must possess. Effectuating an estate or trust can take from six to 18 months, depending on the circumstances and the laws in your state. This is by no means a comprehensive list of issues that may arise but merely ten tips to make your executor’s job easier.
To make your Executor’s job easier, consider taking these steps:
1. Make a list of significant assets and keep it current.
2. Write a simple, clear will.
3. Hold as much property as possible in ways that will avoid probate (consult and estate attorney).
4. Set out final arrangements in writing.
5. Make sure documents such as the will, tax returns, deeds, and insurance policies are accessible to the executor you chose.
6. If you own (or might, after the death of a spouse) assets worth more than $2 million, investigate ways to avoid federal estate tax.
7. Prepare a list of professionals you have been working with such as an attorney, accountant, real estate professional, funeral home, etc.
8. If the estate will contain hard-to-sell assets such as complicated investments or a family business, make a clear plan for the executor to follow.
9. Prepare a list of debts.
10. Head off disputes by explaining the your estate plan to family members and asking them to respect it.
Disclaimer: The information provided in this site is not legal advice, but general information on real estate issues commonly encountered. Russell-Realtor is not a law firm and is not a substitute for an attorney or law firm.
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