Executor - Real Estate Term of The Week

     

WHAT_IT_MEANS_TO_BE_TRUSTEE_WITH_AN.pngAn executor is the appointed person responsible for executing (carrying out) a will. It is a great responsibility that should be handled with honesty and integrity. When there is no will to appoint an executor, an administrator (of an estate) is assigned by probate court.

While there are many responsibilities expected of the executor, the three main responsibilities are:

  1. Organizing and managing the deceased person's assets
  2. Pay off any debts and taxes owed
  3. Oversee the disbursement of assets as written in the will

 

 

In many cases, executors must make the decision on whether or not it's necessary to sell real property. Renting out a property can be a lucrative option but co-managing property with family members should not be entered into lightly. I have seen it get ugly. Multiple times a year I get calls from a homeowners that wants to sell a property they co-own with a sibling. I end up being a mediator during the sale, as most are no longer on speaking terms. This is why I recommend considering selling before an important relationship is tarnished.

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Jennifer Shenbaum

About The Author

Jennifer Shenbaum is a real estate investor based in Southern California. She is a veteran of the housing market crash of 2007. Best of all, she offers free remodeling ideas to all who ask.