When a loved one passes away and they convey their final wishes via a Trust, there are steps to take to settle the estate and sell any real estate property owned by person who passed away. Here’s a general outline of the initial steps to take...

If you're unsure about any legal or financial aspects, consider consulting an attorney, CPA, and/or financial advisor who specializes in trusts and estates. Consult a real estate agent well-versed in trust estates as well regarding the value and potential sale of any real estate. Feel free to reach out to me at 916-342-1372 if I can assist you.

I also have a full slate of resources relating to selling any real estate owned by the estate, such as appraisers, junk-hauling, yard maintenance, inspectors, contractors, estate liquidators, stagers, etc. that I am happy to connect you with.

Obtain the Death Certificate. Request multiple copies of the death certificate, as you will need these for various legal and financial matters. 

If you have not already consulted an attorney, it may be beneficial to ask the attorney who prepared the trust (if applicable) to review the contents of the trust with you to understand the provisions and instructions outlined by the deceased.

Identify the Successor Trustee(s) -- the person or people named to manage the trust after the death of the original trustee. The successor trustee is responsible for managing the trust assets.

If there is real estate owned by the deceased -- verify that there is a valid homeowners insurance policy on the property. Here’s the reality: if a property is uninsured and something happens like a broken pipe, a break-in, vandalism, a fire, etc…the estate could suffer a massive and catastrophic financial loss. A house or other real property is probably going to be the highest-value financial asset of a probate estate. And if it’s uninsured, and there’s a loss, there is no do-over. There is no retroactive insurance coverage if policy coverage has lapsed. Read more about this by clicking here.

Get a “Date of Death” Appraisal of any Real Estate Assets. You will likely need this for tax/accounting purposes, and this step often gets overlooked. Definitely consult a CPA if you have not done so already, as you will likely need to file tax returns on behalf of the probate estate.

Identify the Trust Assets. Compile a list of all assets held in the trust, including bank accounts, real estate, investments, and personal property. You may also find assets that are not titled into the trust — if you have not already spoken to an attorney, you will want to consult an attorney as to how to proceed with those items.

Manage and Distribute Assets. Follow the instructions in the trust regarding how assets should be managed and distributed to beneficiaries - and do this with attorney supervision. This may involve transferring property titles, selling real estate, or liquidating assets. Feel free to reach out to me for help with selling real estate held in a trust. There are several things to do in order to prepare a property/home for sale - and I can assist you, and connect you with contractors and other service providers who can do the heavy lifting as well. I welcome your call at 916-342-1372.

Open a separate bank account in the name of the trust estate to manage expenses and distributions. If you sell real estate as a part of the trust estate, the net proceeds of the sale will likely need to go into a trust bank account.

Maintain detailed records of all transactions, expenses, and distributions made. This documentation will be important.

Feel free to reach out to me for help with selling real estate held in a trust. There are several things to do in order to prepare a property/home for sale - and I can assist you, and connect you with contractors and other service providers who can do the heavy lifting as well. I welcome your call at 916-342-1372.

I do not provide any tax advice or legal advice, as I am not a CPA and not an attorney. If you would like referrals to qualified professionals that can assist you, I can help to connect you.