If you are reading this article, you are most likely dealing with the death of a loved one. Navigating this process can be sensitive, stressful, and overwhelming. At Trusted House Buyers, we are here to help you tread through the process of dealing with a home or property you have inherited but providing some helpful information and useful steps to hopefully ease the burden.
What is an executor of a will?
Well, we should probably answer this question before we move on! An executor of the will is someone who has been appointed to lead the charge and manage the assets of a deceased loved one. According to Freewill.com, “The executor of a will is the person you name to carry out your wishes after you pass. When you die with a legally-valid will, a judge will approve the executor you’ve named in it to act on it. This could include paying outstanding debts with the money left from your estate, distributing your money and property to your heirs, and more.” It is important the person chosen to execute the will has been chosen carefully. Afterall, this person will be in charge of someone’s will and will most likely need to be able to coordinate sensitive scenarios with ease. Although it is important to note that you do not need to accept the position of executor. If you do not wish to be an executor of the will, the court will appoint someone for the job.
There are some basics to even be considered for the job of an executor. For one, the person must be 18 years of age and live in the state where the will is submitted to a probate court. It is important that the person or persons chosen for this job are trustworthy and will see your wishes through. Many people chose children, close family member, close friends, or even their spouse. Choosing a spouse as one’s executor can comes with its challenges. Afterall, your spouse will be grieving and may not be able to make such big decisions during such an emotionally straining time.
What are the responsibilities of an Executor?
Having the job of an executor comes with many responsibilities. Stimmel Law lays it out for us by explaining that, “Once appointed, the Executor “runs” the estate much as a business person runs a business. The Executor makes sure all debts are paid, all taxes paid, all assets cared for, then distributes the remaining assets to the beneficiaries in accordance with law and the Will.” Here are some additional responsibilities that need to happen even before someone has passed and the list is a bit daunting:
- Obtain certified copies of your death certificate
- Locate your last will and testament and file it in probate court
- Inform your heirs and relatives of the open contest period
- Take inventory of your estate and distribute your belongings to your heirs
- Notify banks, government agencies, insurance companies, and creditors of your passing
- Use estate funds to settle any outstanding debts if you have them
- Maintain your property until the estate is settled
- File your final income taxes
- Make court appearances on behalf of your estate
The more thorough the will, the easier it will be for the executor to follow the plans. Especially if there are multiple heirs such as siblings, it can become quite complicated.
Why Become an Executor?
To become appointed an executor of an estate is truly a compliment that the loved one that passed saw you as the right person to make sure their wishes are executed. They placed a high level of trust that their assets, including any property, will be handled with care and integrity. This does require a large responsibility for the executor. In today’s day in age, our lives are busier than ever and being appointed this task can be challenging to take on for some. It is important to be honest with yourself to make sure you can take on this responsibility because it requires considerable time and energy.
Trusted House Buyers
At Trusted House Buyers, we are here to help homeowners find simple solutions to tricky situations. And many times, we are able to help those dealing with sensitive issues that need a careful approach. If you are an executor of a will most likely you are dealing with handling property of your passed loved one. Selling a property on top of all of the other obligations of the executor can create an overwhelming situation. Also, many times, the property you have been handed has been sitting without upkeep and renovation for years. Looking at distressed property and trying to imagine it going up for a traditional sale up against all of the home that are turn-key and beautifully renovated seems complicated! That is where we come in. We buy homes as-is and prefer it that way.
We can set up a time to come see the home you are trying to sell and give you a fair offer for the home in the condition that it is. We can usually provide an offer quickly and can close within 10 days. That means the property that is hanging over your head can turn into cash for the heirs. There is no need to clean the home, prep the home for sale, or even rid the home of years of belongings. Take what is important to your family and leave the rest to us. We have been in the situation time and time again, and are able to help our clients relieve the pressures of being the executor and checking one more box off of their to do list, not to mention the financial gains for our clients! Give us a call today at 619-786-0973 to see how we can help you navigate being an executor of a will and buy your property today.