The responsibilities of a trustee during a probate can be overwhelming especially if there are multiple properties to manage. As a trustee, your role is to manage the process with diligence, integrity, and compliance while following all legal requirements. Understanding your key responsibilities ensures a smoother process for all parties involved.
Upholding Your Fiduciary Duties
The cornerstone of your role is acting in the best interest of the estate and it’s beneficiaries. This means being impartial, transparent,and focused on maximizing the value of the estates assets. Mismanagement or failure to act in good faith can lead to legal consequences.
Securing The Property
As soon as you assume the responsibility, it’s crucial to protect the property.
* Insurance: Ensure the property is adequately insured. Gather all insurance policy and contact information.
* Maintenance: Make a list of all necessary repairs, for example, plumbing leaks, broken fences, gates, entry doors etc.
*Security: Collaborate with Professionals: To successfully manage a probate sale, it’s important to work with experienced professionals.
Valuing The Property
Determining the fair market value of the property is essential and it involves:
*Hiring a professional appraiser or qualified real estate agent to provide a property valuation letter. The valuations report will contain comparable market data to support pricing decisions. An accurate valuation helps avoid disputes among beneficiaries and ensures the property is sold for it’s true worth.
Collaborating With Professionals
To successfully manage a probate sale, it’s important to work with probate and trust experts.
* Real Estate Agent: Choose an agent who is both experienced and dedicated in probate sales to help you navigate through the system successfully and without any unnecessary hassles or delays.
*Legal Council: Consult a probate attorney for legal questions, legal advice and court requirements. These professional provide guidance and expertise, making the process more efficient.
Managing the Sale Process: This is where the right professional on your team really pays off. Your real estate agent team will provide you with all the information to determine the best list price to obtain the highest and best offer. Offer listing options to suit your circumstances, provide marketing strategies, have strong negotiation skills and experience, review all offers to ensure they’re in the best interest of the estate.
Distributing Proceeds
Once the property is sold, you must distribute the proceeds in accordance with the trust or will. This may involve; paying off outstanding debts or taxes.
Keep Detailed Records: Throughout the probate process, maintain meticulous documentation, including; Expenses, communication with professionals and beneficiaries, copies of contracts and court documents.
Final Thoughts: Being a trustee during a probate real estate sale is a significant responsibility, but it can also be deeply rewarding. By fulfilling your duties with care and professionalism, you ensure that you honor the wishes of the deceased and benefits the beneficiary.
If you’re navigating a probate sale and need expert assistance, let us help you. We’ll guide you through the entire process and we will advocate for you every step of the way.
