Probate October 29, 2020

Family, Probate & Real Estate in Uncertain Times

Someone you love grows old and absent-minded, or regrettably, passes. Suddenly, you are given a title beyond friend, uncle, granddaughter, mother, son…and now POA, PR, Executor/Executrix, or Conservator.

These are defined by Investopedia:

  • You have Power of Attorney in a situation where someone passes who may have had disabilities, mental incompetence, dementia or other. A power of attorney (POA) is a legal document giving one person (the agent or attorney-in-fact) the power to act for another person (the principal). The agent can have broad legal authority or limited authority to make legal decisions about the principal’s property, finances or medical care.
  • You are a Personal Representative (PR). A personal representative or legal personal representative is the executor or administrator for the estate of a deceased person. Personal representatives serve as fiduciaries of the beneficiaries of estates and have the duty to act in good faith, with honesty, loyalty, and candor, and in the best interests of the estate’s beneficiaries. The law requires personal representatives to follow the terms of the deceased person’s will, if the individual who died had one. If the deceased person died intestate, the personal representative will serve as the administrator of the intestate estate.
  • You are an Executor/Executrix. An executor (or executrix) of an estate is an individual appointed to administer the estate of a deceased person. The executor’s main duty is to carry out the instructions to manage the affairs and wishes of the deceased person’s estate. The executor is appointed either by the testator of the will (the individual who makes the will) or by a court, in cases wherein there was no prior appointment.
  • Conservatorship is a legal concept in the US. A guardian or protector is appointed by a judge to manage the financial affairs and/or daily life of another due to physical or mental limitations, or old age. A person under conservatorship is a “conservatee,” a term that can refer to an adult. A person under guardianship is a “ward,” a term that can also refer to a minor child. Conservatorship may also apply to corporations and organizations.

Perhaps you’ve been given the responsibility to disperse, sell, give away, donate all of that special individual’s property—the 60s rock collection, the old Lincoln, the vacation home in St. Pete, the manse in Westwood. With a heavy heart, you meet with family and the attorney(s). You are overwhelmed by the responsibilities—you have a full time job. You live out of state. Traveling back and forth is onerous. There are so many things to consider…

As a Certified Probate Real Estate Specialist (CPRES®), I am privileged to work with both attorneys and those listed above to help in selling or renting. I will develop a customized plan of action to help you prioritize what comes first and when regarding any real estate. I can pull together a team to organize every single detail to ensure an efficient and timely transaction whether it makes sense to sell or rent.