Executors are responsible for managing the estate’s property, which often includes real estate. However, handling complex real estate assets as an executor requires careful planning and an understanding of Georgia law.
This process can become complicated when the assets involve multiple properties, shared ownership or financial entanglements like liens or mortgages.
Evaluate real estate assets
The first step is to identify and value the real estate assets. Executors must locate deeds and other documentation to confirm ownership. Hiring a professional appraiser can help determine the fair market value of the property. Accurate valuations are necessary for probate proceedings and any potential property sales.
Account for joint ownership
If the decedent owned real estate with others, the executor must address joint ownership. Georgia law recognizes joint tenancy with the right of survivorship, which allows the surviving owner to automatically inherit the property. Executors must ensure that these transfers occur according to the law.
Settle mortgages and liens
For properties with mortgages or liens, the executor must use estate funds to settle these outstanding debts. Georgia law requires executors to prioritize estate debts before distributing assets to heirs. Failing to address liens or mortgages can delay the probate process and lead to legal complications.
Be transparent when selling
Selling real estate often becomes necessary when dividing the estate or paying debts. However, the executor must follow Georgia’s probate procedures when doing so. This calls for notifying heirs and obtaining court approval before selling estate property. Transparency in these transactions ensures fairness and reduces the chance of disputes among beneficiaries.
Manage business or rental property carefully
Rental properties or properties used in business present additional challenges. Executors must manage these properties during probate, which may entail collecting rent, paying expenses and addressing tenant concerns. Proper management protects the property’s value and prevents disputes.
Handling complex real estate assets requires executors to address a wide range of financial, legal and management challenges. By following Georgia’s probate laws and managing real estate responsibly, it is possible to ensure a smooth resolution for the estate and its beneficiaries.