Introduction to dealing with a deceased estate property
Upon the death of a person, there are certain laws and procedures that must be followed to transfer their assets. This can sometimes be a daunting task for those who don’t know what they are doing. This article provides an overview of the steps and considerations to take when dealing with a deceased estate.
Purpose
A deceased estate is typically legally referred to as probate, which is the process of managing an individual’s property upon their death until it is distributed.
Summary
When a person passes away, it is inevitable that their assets will be transferred to their beneficiaries. However, there are laws that must be adhered to in order for the deceased estate to be administered and for the assets to be distributed according to the will of the deceased or, if there isn’t one, by state laws. These laws can vary from each state and from country to country. Although the process may appear complex and daunting at first, most people find themselves feeling comfortable with this situation after going through it once.
In the event of a property being part of the deceased estate, the executor is responsible for selling it and distributing the proceeds among the beneficiaries. Selling of assets may be a long process, so it is recommended that you keep records of all your transactions. Your accountants and/or lawyers can help you with this as well.
However, before a property in a deceased estate can be sold, it must be inspected. Especially in the case of the elderly, a home or property could have junk lying around or accumulated waste and unwanted items in the home. Sometimes, due to the inability of the aged homeowner, hoarding may have ensued. A home full of junk can be dangerous, especially for a frail individual with dementia or another condition that may cause confusion.
When inspecting a property in a deceased estate, there are certain factors you must keep in mind. You must be sure to evaluate the value of the property before its contents are removed from it. This will allow you to determine how much of the deceased estate’s funds will have to be used in order to make repairs or renovations on the property.
If you are dealing with a junk filled property in a deceased estate, here are 5 things to note:
- It may be a good idea to hire a professional who specializes in assisting people with dementia.
- Anything made of metal will be worth more than that which is made of wood or plastic.
- If you are going to have any cardboard boxes or boxes made of plastic, make sure they are labeled with the deceased person’s name and address.
- Always try and avoid using furniture that has stains or physical damage on it.
- If there are any paintings or other artwork, make sure you have permission from the family to remove the art.
Follow these steps when inspecting a property in a deceased estate: - Document your inspection. Be sure to include pictures that show all areas of the home and its contents.
- Create an inventory list for each room and each item of furniture or household items/furniture that you find in the home.
Label each item that could have been an heirloom or something worth a large amount of money. - Remove items of value from the home and store them in a secure location.
- Clean out the house and make sure you throw away any junk left behind by the deceased owner if it wasn’t part of the will to be left behind.
- Make repairs and/or improvements on the property before marketing it for sale, if necessary.
If you need help with removing rubbish, waste or junk from a deceased estate property: - Contact a professional who specializes in removing junk and waste.
- Purchase or rent a truck or trailer to haul the waste away pursuant to the instructions of a professional.
- Once you have removed the waste, take pictures of your handiwork and store them in an itemized spreadsheet format.
If you are going to hire professionals to remove debris from a deceased estate property or sell the property, here are 5 things you should know:
- Professionals typically charge by the job and make their money regardless of whether you sell the property or not.
- Professionals are typically a better choice than friends because many times, friends only help out because they feel obligated to do so, which may result in lost time due to lack of productivity and efficiency.
- Professional’s fees may be tax deductible if you are an executor handling a deceased estate for a family member who has passed away.
4.Professional rubbish and junk removalists are qualified to remove hazardous waste.- Professionals usually have liability insurance and are more likely to have workers compensation coverage than friends.
