Dealing with the real estate holdings of the deceased is only one of many duties the estate trustee will face. Consultation with a lawyer, preferably the one who drew up the will will provide you with any special terms or instructions. It is recommended that the estate lawyer search the title to all real estate in which the deceased had an interest. It is inappropriate to distribute assets without receiving a written opinion from the lawyer. It is your responsibility to take all necessary steps to secure property.
Familiarizing yourself with the deceasedís private and personal business interests include taking an inventory and custody of real estate deeds, mortgages, cash, securities, jewelery, art and other valuables. Insurance coverage on real estate, automobiles and household property is critical. If any of the deceasedís properties Ė home, business, cottage, farm, investment properties are vacant you must check on the adequacy of insurance coverage and if necessary increase it. Insurance review must be thorough and prompt since an estate trustee may be held responsible for losses if assets are underinsured. If mortgages and real estate investments exist, your lawyer will assist you in collecting payments and other monies due.
When reviewing and inspecting the real estate component of the deceasedís estate your lawyer will request that you obtain formal written appraisals, usually two or three for each property. Bosley Real Estate understands this critical step and is not only highly experienced in undertaking this process but compassionate towards your particular needs and obligations at this time. Our trustee advisor will guide you through the steps, arranging appraisals from a variety of reputable and reliable registered sources and prepare the documentation for your lawyerís review.
Once the lawyer has the necessary appraisals he/she is able to proceed towards establishing a value for the property through the process of averaging values. An appraisal of a private residence, for example, involves a comprehensive review of the property including preparation of a set of comparable listings in the neighbourhood and an analysis of recent and prior sales.
In addition Bosley Real Estate can assist you with checking leases, mortgages and taxes and if necessary help you to provide continuing supervision of the deceasedís real estate holdings. Obtaining an appraisal for a private residence usually takes no more than a few days and will take you one step further in determining the value of the estate.
In some cases a property will be gifted outright to a beneficiary and it is necessary for your lawyer to transfer the property into the beneficiaryís name. Please note that a real estate transaction can not be finalized until the Certificate of Appointment of Trustee is granted. If it is decided or directed to convert the property to cash (perhaps for the purposes of disbursing funds among a number of beneficiaries) Bosley Real Estate can assist you in listing the property for market sale when the time is right. This applies not only to a private residence but also to businesses and investment properties Ė a rental apartment building or a corner store. Negotiating an estate sale requires sensitivity on the part of your real estate agent or broker and Bosley guarantees this.
It is not uncommon for there to be more than one estate trustee as well as a number of beneficiaries all of who will have concerns (price, closing dates, chattels etc.) that will need to be addressed. Your Bosley estate advisor and agent/broker can help smooth the way to effect a flawless, timely and profitable sale wherein all partiesí concerns are satisfied.