What do I do with Real Estate after a Relative Dies?

Whether it’s been a few days or a few months, even a few years possibly, after a relative passes on, you may be left with questions and property you don’t know what to do with.

If you are the Personal Representative or Successor Trustee of a Trust, start by making a list of all the assets that you know of. If there was a will, you should be able to have a break down of everything entrusted to you.  One thing that most people don’t do but is a great idea is to open a bank account for the estate of the Decedent. This allows for all receipts and disbursements to be properly recorded in that account, in order to account properly for the assets of the Decedent and the expenses of administration.

What do I do with Real Estate after a Relative Dies?

This is where Probate comes into the picture.  If you are the Personal Representative, it is your responsible for collecting  the assets and reporting to the Court as to the amount of assets in the Estate of the Decedent. You must then assemble the assets and, after paying debts, expenses and taxes, distributes the assets according to the wishes of the Decedent. If there is no will, the process of administration is essentially the same, except that state law determines to whom the assets are distributed. This is where handling of the property or estate can be tricky without the help of a Probate Realtor. Here in California there are specific rules and guidelines to follow when dealing with an estate. Using a California Probate Realtor can help you go through all the details and make sure the process is followed properly.

As the personal representative you will want to look for insurance policies or annuities which may continue for other family members and other assets.  Also, assemble the deeds of the Decedent and get verification on any real estate or property.   If real estate is owned in more than one state, special proceedings, called “ancillary administrations,” may be needed in each state.  If the property is insured, the Personal Representative should make sure that the insurance policies on the properties of the Decedent are maintained.

Dealing with property after a relative’s death is not something that needs to be stressful. But you should be wary of those that will prey on families of the deceased.  There are those that look for death notices and make unfounded claims against the Decedent. Unfortunately there are also cases of theft of a home during the funeral service. Watch careful and don’t quickly accept the claims of unknown individuals that lack documentation.

This is why a California Probate Realtor is there to handle all the issues that arise and make sure proceedings are handled according to the law. Don’t tackle estate issues alone.

I look forward to talking with you soon. Please contact me anytime for a confidential consultation. When the time comes to deal with a family estate, trust the details to a professional Probate Realtor in Orange County.  As your probate Realtor it is my job to make sure you are well taken care of and informed about every step of the home selling process. Let me show you how to get started on your journey. Start your Property Search here to see what is being sold at what price and contact me anytime for a Comparative Market Analysis of your property at Deepak@HousesInSoCal.com call 949-748-9834 and we will get you put on the right track to get your home sold at the best price in a timely manner.