Top 5 Responsibilities of Executors and How You can Provide Value as an ExpertChad Corbett
One of the best ways to guarantee your success as a real estate professional is to learn how other experts can add value to your own services. In other words, you should strive to learn how experts among the other fields you encounter can help you to get more listing leads, perhaps through real estate lead generation websites, increase sales and become better at what you do. An executor is one professional whose responsibilities you should know so that you can provide them with greater value as an expert.
What is an Executor?
An executor is someone who is named in a will or appointed by a court that has the legal responsibility to take care of the deceased person’s remaining financial obligations including the disposition of his/her property and other assets. This is a position that is fraught with responsibilities which become even more complicated when there are no direct inheritors.
The Top 5 Responsibilities of an Executor
- An executor decides whether or not to sell real estate: The disposition of land and property and is among the fundamental and most important responsibilities entrusted to an executor. At times it can be a straightforward process and at other times it can be quite complicated depending on the nature of the will. An executor should know to prepare a house if he/she is going to put it up for sale.
- An executor gets the property in the estate ready to sell: This of course is directly related to real estate experts. Getting the property ready to sell could entail removing old, word or broken furniture, replacing light fixtures, fixing the roof, etc. Here a realtor is often consulted in order to help determine an effective sales strategy.
- An executor handles issue related to probate proceedings: This will directly impact you as a real estate expert as well for reasons explained in the previous post concerning how to acquire more listings by becoming a probate expert.
- An executor handles debt and tax issues: The executor makes sure that the deceased person’s debts are settled and that their taxes are filed. There is a federal estate tax and smaller state taxes that may be due.
- An executor figures out who inherits property: If the deceased person left a will this duty can be carried out quite easily. If the deceased person did not leave a will the administrator will have to consult state law to see who the decease person’s heirs are and relate them to the “intestate succession” statutes.
How You Add Value and an Expert
There are a lot of moving parts to being an executor. For this reason, executors often engage with and require the help of other experts such as attorneys, CPAs and of course real estate agents. All The Leads offers a system to help you become the HUB of the probate process so you can differentiate yourself against any other professionals and be the first to engage in the conversation. You may be a real estate agent or investor but first and foremost you are a Probate Expert (the HUB) and then a real estate agent or investor (one of the spokes). The diagram below will help you understand the HUB concept and what other professionals you can add to your team so you can help the Administrator no matter what their challenges may be.
To learn more about our service and how we can provide you a complete system to be THE Probate Expert in your market please give us a call at the number above or click HERE to see if our probate leads and complete system is still available in your county.