Possible Ways of Handling an Estates Real Estate

Often during an estate administration, the executor may be tasked with dealing with real estate. What happens with the estate depends on how the asset was owned before your loved one’s passing. There are many possible ways to handle an Estates Real Estate.

Five Possibilities for an Estates Real Estate:

1. If the real estate was held in a trust, the trustee of the trust must carefully review its terms of the trust. This way, the trustee can determine how to handle its management and distribution.
2. Some real estate may be held in a limited liability company. If so, the LLC’s operating agreement may dictate what should happen next.
3. Conversely, the estate may be held in your loved one’s name individually. In such a case, the terms of your loved one’s will may direct who should receive the property. In addition, they may also address how the mortgage on the property should be handled. For example, the mortgage could be paid from estate funds or whether the recipient inherits the asset subject to any mortgage or lien.
4. If the estate was held jointly with others, including a spouse, the asset may pass automatically without the need for a more involved estate administration. Immediately upon your loved one’s passing, the property belongs to the other owner.
5. If the real estate was held only in your loved one’s name individually, but your loved one did not have a will, the asset may be passed to your loved one’s heirs. As the person in charge of administering the estate, you must manage and protect the asset until it is ultimately distributed.

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