Before Starting Your Job as Executor, Answer These 6 Quick Estate Questions Series

Question 5 Is there real estate?

Real estate is always a headache.

Executors must keep real estate insured for fire and valuable contents. You must secure and inspect property.

• Can you change the locks?
• Can you access estate funds to pay insurance premiums?
• What if there is no insurance?
• What if someone breaks into the house and valuables are missing?
• Can you be sued if pipes burst in the condo and there is no insurance?

If there are rental properties, you may have to collect the rent and deal with tenants’ complaints and repairs. Will you be able to collect rent for a 33-unit apartment building? Can you pay a manager’s fees to handle the apartment building? Will these fees be deducted from your executor compensation?

With all real estate, you must be concerned about environmental issues and the costs of clearing hazardous materials. You will need expert estate advice in this area.

The last question to answer is next.

Read my previous posts, Q #1, #2, #3 and #4 of my series, Before Starting Your Job as Executor, Answer These 6 Quick Estate Questions.

Do you need help with executor work? Contact me.