Age Gracefully With A Plan In Place

2 important rules when selling a home during probate

On Behalf of | Jul 7, 2022 | Trust & Probate Administration |

For many Indiana estates, the home of the deceased will be the most valuable property they leave for their loved ones. Sometimes, a beneficiary will assume possession of the home and live there. Other times, the executor will have the responsibility of selling the real estate.

If the testator told you to liquidate their home, the two tips below will reduce the risk you have during that process.

Secure the home as soon as possible

Vacant properties are often the target of both thieves and vandals. Not only could members of the public who learned about the owner’s demise break into the house to steal from it or make a mess, but even family members might try to gain access to the property for the purpose of taking certain possessions. Securing the property and possibly changing the locks will be an important first step in the process.

Make sure you get the appropriate value

Nothing opens you up to a challenge as the executor of an estate quite as quickly as poor management of major estate assets. Even if someone from within the family wants to buy the property, they should offer a fair market value for it. You also need to move quickly, as a house that sits vacant for some time will see a slump in value. Accepting less for the property than you could get on the open market could lead to challenges that could remove you from your position and diminish estate assets even more.

Taking the right steps when handling major assets as part of estate administration will protect everyone, including you and the beneficiaries of the estate.