Last week we talked a bit about the role of the executor, specifically in regards to securing the assets of the estate. Today we?ll stay on topic but switch our focus to managing and selling the home.
As you begin to go through the home, you?re likely to find a lot of paperwork left behind by your deceased loved one. Begin the sorting process by placing those papers into boxes marked financial, personal, photos, etc. One of the key things to look for is the Abstract of Title, which shows all prior ownership interests in the property. It can be expensive to replace this document if it cannot be found.
Also, recovering any house-related paperwork titled ?satisfaction of mortgage,? ?deed? or ?survey? will also save substantial effort down the road.
As for property and casualty insurance, it?s important for you to speak to a knowledgeable insurance professional regarding maintaining appropriate coverage on the now unoccupied property.
Personal belongings should be dispersed to family members as soon as possible. The executor should notify everyone that there is a firm deadline to remove any sought-after items before the remaining items are either sold or donated.
Finally, resist the urge to dispose of items. If an estate sale is planned, many estate liquidators include complete clean out as part of their services.