Being an estate trustee has many serious responsibilities. Some are almost inconsequential and others are quite monumental.
Typically if the deceased owned land it will be a large portion of the estate assets. It must be dealt with promptly.
Get copies of real estate deeds, leases and mortgages. Look for reporting letters from the real estate lawyer. Consider having the title to the property searched to be sure it was actually owned by the deceased alone. If there is a mortgage make arrangements to pay the monthly payments
Consider getting the keys and changing the locks to prevent unwanted access to the property. Will the property be sold, transferred to beneficiaries, or rented.
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Be sure to immediately confirm the property insurance coverage. Ask the company to continue coverage even if the property is, or will be, vacant. If so, arrange for maintenance, protection, and care of the property. This is especially important in winter to prevent water damage. Keep the lawn cut in the summer.
Obtain written estimates of value for court and sale or transfer purposes. This will be needed for estate administration tax valuations as well. Do not simply rely on MPAC. Consider taking a video of the interior and exterior of the property if only for your records.
If the land was an income property arrange rent collection payable to the estate and deposit to the estate account.
