How a property is titled determines who owns what, and this is important for how an estate is dealt with after the death of the titleholder. It helps the executor and beneficiaries make decisions with minimal conflict during an already trying time. When getting involved in income property investment, it’s crucial that the title and the property’s standing in a will is clear. It’s not always nice to think about, but it can prevent many issues after, and you can keep investing with peace of mind.
What If I Am Left An Estate Property?
If you are the executor of a will, one of the most important duties you have is to oversee the assets. The biggest of these assets is the property, whether it’s the primary residence, second homes, or vacation properties. The executor has the authority to take possession of both the assets and liabilities of the property and distribute them to the beneficiaries according to the wishes outlined in the will. If you’re an executor, it’s up to you to secure the property, get it properly appraised, and try to prevent it from losing its value. The property is first registered in the executor’s name through a process called transmission. After this, it is registered by the executor in the names of the beneficiaries in a transfer. To start, the executor should:
- • Make sure the estate is insured
- • If it’s a rental property, try and get the most income from rent
- • Sell the asset for the fair market price if needed
- • Pay all the debts and taxes before distributing the property to the beneficiaries
Matthew Scott Is Here To Help
Even if you’ve been made executor, you’re not expected to know the ins and outs of the property world. The sale of an estate property needs hard work, commitment, and knowing how to earn the right value. You should consult with an expert who knows how to make the most out of property investments. Matthew Scott can work with you to clear up any confusion and help deal with your obligations in a timely and fair manner.Submit Listing