Deaths in families are always hard. They can bring out both the best and worst in a family. There is often a combination of sorrow and a bubbling to the surface of many past, and normal family rivalries and childhood issues. Every estate must have an executor and this executor can be anyone the owner of the estate appoints if the estate has been put in trust. If there is no trust but there is a will and the will names an executor that person must be affirmed by the probate court. If there is no will the probate court will asign a personal representative.
As a realtor who has been fortunate enough to list many homes in trusts and probates I have found that the ones that go the smoothest are those where a trust department at a bank has been named the executor. My experience has been that when a trust department handles an estate:
1. Everything is done in a fair and impartial manner. No one gets to help themself to some personal and sometimes valuable effects that were not specifically left to them. Everything is divided according to the terms of the trust or will.
2. No one is left to do the many many hours of tedious work needed to dispose of the estate leaving them resentful and/or exhuasted. A professional does that.
3. There are laws which govern how an estate is settled. They must be followed or there can be financial consequences. Trust departments are experienced in following these laws and doing things properly.
4. Sometimes estates are to be distributed over time instead of in a lump sum. When this happens trust departments are in a good position to hold the money and distribute it in accordance with the terms of the trust or will.
5. Trust departments charge money. It will cost your heirs money to have a bank settle an estate, but it may be worth it to have things done properly and keep peace in the family.
If you have any questions about selling a home in a trust or probate please feel free to contact me:
Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
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