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Executor? You are in the right spot. Find out how to properly sell Arizona probate real estate. You’ve heard the saying “measure twice, cut once”. This is so true when it comes to selling real estate if you are the executor of a will.
Executor – Arizona Probate Real Estate
If you think you might be selling probate real estate you are in the right spot. Read on. Here, we will give you a lot of great information to help you formulate your executor plan. Of course, you will want the guidance of a certified probate real estate agent. That’s where I come in😁.
Right now let’s see what we can learn about probate property sales. How to do it right. How not to do it. Yes, there are right and wrong ways to do this. There is more than one way, but only one right way. Let’s begin understanding the wrong way. Most of all, let’s learn what we can so that your probate experience is successful.
Selling Probate Real Estate in AZ
Ask yourself if you have the time for selling probate real estate. Are you planning a Will? An Estate? Working on a trust? If this is the case you have time to educate yourself on these matters. Working with an attorney is recommended. Before you stick a sign in the yard and get on with selling probate real estate here in Arizona get your ducks in a row.
If you are named as an executor in a will the clock is already ticking. If you are unsure about the condition of the estate you will need to gather information.
Save or print a copy to the probate timeline . Depending on lots of moving pieces your best next move is unclear. Contact a probate attorney.
Interview them and see if they are going to be a good fit for you. In the meantime, there are a couple of things you can do to be prepared.
Preparing for Probate
Here are some steps you can take as an executor to be prepared for the probate process:
- Assemble a list of valuables owned by the estate.
- Make a file for each bank account. Get the most recent statements in the file.
- Get a copy of the Real Estate Deeds. I can help you with this.
- Securities investments all need their own file created for future reference.
- Any 401K accounts should also be noted in a folder along with most recent statements.
- Any cash associated with he estate should be tallied up and kept in a safe place.
- Did the decedent own a business? Make a file for that too.
If the deceased is like most other human beings they probably had some debt too.
If nothing else, they very likely had monthly and annual obligations. Making a list of these will help the estate be organized.
The list of debts will demonstrate to all the heirs that there are real bills that have to be paid. There may also be some one-time unpaid bills to pay. Below is a list of common bills:
- Taxes: They could owe property taxes. If they operated a business they most likely paid income/sales taxes.
- If the decedent owned property that is not paid off there will be a mortgage.
- Utility bills must be kept current if there is real estate involved in the estate.
- Unpaid medical bills eventually will need to be paid.
- Revolving credit payments (credit cards, HELOC loans, student loans) need to be paid or settled.
- If the estate includes any real estate property there may be some maintenance that needs to be done.
- Again, if there is a home to be sold, there may be good value in making some improvements before marketing the home.
Executor Reading Material for Arizona Probate Real Estate
If I were an executor facing probate I would go to Amazon and order a copy of Mary Randolph’s excellent book on Estates. Next, you should read the posts on our site under the Attorney’s Explain tab. Between those two resources you will have excellent advice on the probate topic. Selling probate real estate alone is no easy task, that’s where we come in.
Now that we have the basic elements of the estate accounted for you should be in touch with a lawyer, if you haven’t already. Remember, selling probate real estate is a little different from a normal real estate sale.
Remember, that the estate should strive to get top dollar if there is property involved. If you’d like to discuss your Arizona Probate Real Estate matter you can text or call me (I’m John) at 1-480-442-3501.