Frequently Asked Questions for the executor of the estate

---

Probate is the legal process through which the assets and estate of a deceased person are administered and distributed under the supervision of a court. The primary purposes of probate include ensuring that the deceased person's debts are paid and that the remaining assets are distributed to the rightful beneficiaries or heirs according to either the deceased person's will or state law (if there is no valid will). 

Probate ensures assets are distributed according to the deceased's wishes (if there's a will) or state law (if there's no will) and that debts are paid.

The court appoints an executor (if there is a will) or an administrator (if there is no will or no executor named) to manage the estate's affairs. This person is responsible for carrying out the wishes of the deceased as outlined in the will or according to state laws. 

 Duties typically include:

• Locating and Reviewing the Will
• Filing the Will with the Probate Court
• Notifying Beneficiaries and Creditors.
• Managing Estate Assets
• Paying Debts and Expenses
• Preparing and Filing Tax Returns
• Distributing Assets to Beneficiaries
• Keeping Detailed Records
• Court Proceedings
• Handling Disputes
• Closing the Estate

Generally, probate can take anywhere from several months to multiple years, with the average falling between six months to one year for a straightforward estate. However, it's essential to note that each situation is unique, and timelines can vary widely based on the factors mentioned above. Executors and beneficiaries should stay informed and work closely with legal professionals to navigate probate as efficiently as possible while complying with legal requirements. 

• Do Nothing: Unfortunately, many families procrastinate and leave real estate sitting. This usually means the condition worsens and the value plummets.
• Keep it In the Family: Use our professionals to make sure it’s transferred properly, get necessary repairs done by our vetted contractors, finance it using our vetted mortgage team, etc.
• Rent It: Many families discover the challenges of being a landlord after it’s too late. Meet with our professional property management team before taking the leap alone. Maybe you can do it yourself but it’s worth knowing what your options are.
• Sell it As-Is for Cash: I’m sure you’ve seen the “We Buy Houses” signs and postcards. These real estate investors will buy for cash and close quickly. However, they are not always working in your best interests. We have over 100 local cash buyers who have been vetted and when we bring you an offer we are representing YOUR best interests not theirs.
• Sell it Conventionally: We have a proven system for selling homes that ensures you get the most money in the shortest amount of time. It starts with a review of your goals and timeline and then we agree on a strategy and make it happen!
• Renovate & Sell For Top Dollar: To get top dollar a home needs to be in excellent condition with recent updates. Our team has a ton of design and renovation experience and can manage the majority of the process if you don’t have time to be involved. Typically you can raise the value by 10%-50% with a renovation.

Every situation is unique so we start with a short conversation that helps us do our research then we meet with the family to review the options available and answer any questions. When everyone has decided on the right option for the estate we will go to work and execute the strategy we agreed to.

Qualification of an Executor or Administrator is not always required. Depending on assets, it is sometimes necessary for someone to be able to do business on behalf of the estate, ie. Pay claims, sell assets, distribute to beneficiaries. However, some assets can be transferred without qualification. For Example: assets owned jointly with another, Benefits or policies with a named beneficiary or payable on death benefits do not require qualification.