As the executor or personal representative of an estate in Nevada, you have a lot of work ahead of you. You’ll have to send notice to creditors, communicate with beneficiaries and attend probate court proceedings. It will be your responsibility to manage estate assets appropriately and distribute them to creditors and then to the beneficiaries of the estate.
If the deceased individual owned real estate that will transfer as part of the estate, it will be your responsibility to facilitate that transaction. You will have extra responsibilities that you need to be aware of during estate administration to protect the interests of the beneficiaries and reduce the risk of a challenge in court. How does managing real property increase your workload as an executor?
1. Properties left vacant require extra effort
If someone leaves a property vacant after their death, numerous things will happen. The first is that the property may become a target for criminals and other unsavory parties. Some people will read obituaries and consider burglarizing a home that they believe is now empty. Teenagers and vagrants might host parties or sleep at what they think is an abandoned property.
The executor of an estate will need to secure the property by ensuring all windows and doors are secure and properly locked. While winterization isn’t an issue in most Arizona communities, and some areas, it may be necessary to bring in professionals to avoid issues like pipes freezing in an unoccupied mountain home when temperatures drop.
If you fail to take those steps to secure the property to ensure it remains safe and in stable condition, its value may drop substantially while it stands uninhabited.
2. Property obligations fall to the estate until the transfer
From utility bills and taxes to mortgage expenses, any costs associated with the property’s maintenance will become the obligation of the estate until the home transfers to the ownership of another party. It will be crucial that you properly maintain estate resources sufficient to cover those expenses, as beneficiaries may end up accusing you of failing to maintain the property and putting them at a disadvantage.
Especially in scenarios wherein you live a substantial distance from a real property passing through an estate, there can be numerous challenges that may be difficult to manage without support. Learning more about Nevada probate administration can benefit executors and those hoping to benefit from an estate alike.