When an estate owns real property then there are many things for the fiduciary to consider,but the first and foremost isto protect the asset. This means that the fiduciary should continue to pay the essential utility bills,like heat,electricity,water,and should ensure that the home is adequately insured.
People also ask
Can the executor of an estate sell the property?
This will make a big difference in whether the executor can sell the property and have the sales proceeds added to the balance of the estate. If the real property is specifically devised to an individual or entity, then the Executor must transfer the title to the real property to that individual or entity and cannot sell it without court approval.
What is a life estate?
A life estate is a form of property ownership that exists to transfer property from one person to another, without burdening that person with the property taxes associated with the real estate.
Do all estates have to go through probate?
Most estates go through probate because the deceased person didn plan appropriately. A probate can easily be avoided by placing all of your assets in trust or naming beneficiaries on those assets where appropriate. Probate is almost never necessary if the person has planned ahead.
What is an ownership interest in a life estate?
An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership 渟plit?between a present interest and a remainder interest.