Proven Techniques To Make Your Estate Sale Easier
Helpful pointers on dealing with issues surrounding an Estate Sale.
An Executor (trix) of an estate faces a complex array of tasks and responsibilities to fulfill, the terms of the deceased person’s will. This is a very emotional time and in addition to the emotions, the family or executor has to deal with tasks that demand immediate attention which sometimes includes the disposition of real property and its contents. This can be even more difficult if the executor is overwhelmed emotionally or is in a different location in the country and tasks must be kept current.
No one estate is the same as the other. Some are very complex while others are relatively straight forward. The function of Winnipeg Estate Property Services is to assist in every aspect of handling the Estate’s disposition of real property. If professional assistance is required or necessary the following pointers below will assist you in determining if this situation is too overwhelming for you and how to deal with the many issues that lie ahead.
1. Get organized and understand your responsibilities.
Usually an executor’s responsibilities initially lie in the funeral arrangements and final distribution of the assets if there is a property to be sold and it is physically possible, plan to return to the home often until it is sold. Devise a schedule if there is more than one heir. Identify the repairs and preparation required to get the property ready to go to market. Compile related information like tax payments, inspections, and utility bills. Make an inventory of the contents of the property and determine which items are willed to someone. Arrange for the excess clutter to be removed from the home. The lawyer of the estate can be very helpful here to understand your responsibilities.
Below is an example of an executors responsibilities.
- Preliminary arrangements
- Secure the assets
- Assemble inventory and value assets
- Pay debts, legal fees and taxes
- Final distribution of the estate
2. Create a plan.
Outside sources may have had an ongoing relationship with the deceased. They may be very helpful. Examples include: Bankers, Financial Advisor, and Insurance Agent. Identify which tasks and responsibilities you will do yourself and which will be done by outside sources. Some wills allow for financial compensation to the Executor and reasonable expenditures to complete the tasks or services required in the will. Decisions must be made regarding the costs of managing the estate based on many factors. The size and complexity, expectations of the family, the wishes of the deceased and the best interest of the beneficiaries. Have a list of outside sources.
Property Insurance Agent
Life Insurance Agent
All or some of the above All or some of the above mentioned people can play an important role in the equation. Winnipeg Estate Planning Services acts as a single source to help co-ordinate the functions of all or some of the above mentioned professionals. Upon making the decision of who will tend to each task, it is time to execute your plan.
Working with a professional and communication.
Once you have decided to manage all of the responsibilities or to delegate them to one or more individuals, it is important that the lines of communication are kept wide open. It is important that the expectations of the estate are clearly communicated to the outside sources that you have retained to assist in the execution of all matters. Their performance is crucial and deadlines need to be set for completion of all the tasks at hand. Our responsibility is to monitor and report to you the status of each outside source hired so a timely completion of their respective tasks is adhered to. A detailed report providing information on the status of the service is essential in order to report to the beneficiaries and to keep every small detail in check.
4. Complete The Estate; The Final Leg.
As the executor moves toward the timely completion of all the necessary work and disposition of the home and contents, a final report should be prepared and distributed from the estate lawyer which would include all of the tasks performed by outside sources and managed by the executor which could include status of accounts, claim for compensation by the executor and some small final legal details. Once this is all approved by the lawyer and or beneficiaries, the distribution of the net assets of the estate can begin according to the terms of the will.
Winnipeg Estate Property Service is an affiliation of The Michael Leclerc Home Selling Team, Royal Lepage Top Producers. Michael Leclerc is the leader of this division and brings 26 years of experience in Relocation, over 3100 homes sold including many estate sales. There is a dedicated team of professionals ensuring the highest level of service, communication and dedication. Many years of Real Estate sales has allowed us to identify the best strategies for preparing and disposition of a property for an estate with as little stress as possible.
Our Estate-sale home SOLD for 112.59% over list price in just 7 days!
The Michael Leclerc Home Selling Team’s unique marketing strategies drew a lot of interest to our home. Michael was very thorough, following through on everything to create a tight, efficient schedule. As a result, our Estate-sale home sold for 112.59% over list price in just 7 days! We would definitely recommend Michael’s team to others.
Contact us today for your Free No Obligation Consultation.
Winnipeg Estate Property Services
Royal LePage Top Producers
Call or Text 204792-6453