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Estate Management | Everything you Need to Know

Estate management requires someone who is detail-oriented and able to keep up with every aspect of running an estate with multiple buildings and overseeing the execution of a will. Not only is the person responsible for the family home, but they also handle other aspects of property management.

Helping People with Complete Estate Management

Estate management can be a real burden. Estate management involves a lot of decision-making and requires a great deal of experience. Estate managers work on appraising, acquiring, and developing real estate. Estate services also includes marketing and anything else involved in property management.

Estate managers handle a wide variety of property types, including commercial real estate like offices, shops, hotels, or some combination and residential properties containing multiple buildings. Estate managers have an office and phone number to ensure that tenant needs are taken care of and rent is paid in a timely fashion.

Probate

In Toronto, the probate process involves closing an estate and is overseen by the provincial probate court system. The trustee is the only one who can legally manage or distribute an estate in the Toronto area. Probate is the process by which you ask the court to give someone the authority to act as trustee for an estate and other assets or to confirm the authority of someone named as the trustee in the will of the person who passed away.

Estate Appraisals

Estate appraisals involve determining the value of a property, often in preparation for a sale. Estate managers will perform inspections to decide what a property is worth. If there are tenants on the property, the rental income will be taken into consideration.

Key Elements of a Will

A will should state who the executor of your estate will be after you die. It should also include instructions about dividing personal assets and real property. If you desire, you may want to cancel debts others owe you so they don’t have to pay your heirs. A will should also choose guardians for your children if they are underage and a caretaker for any pets you leave behind. Finally, it should provide instructions on how to manage any real estate or other property you leave behind.

Executor Role and Delegation

An executor carries out the instructions provided in a will. They ensure that the deceased person’s wishes for their estate are carried out. The person who makes the will selects the executor, or a court will appoint one if the deceased did not choose one.

An executor starts by submitting the decedent’s will to the probate court for acceptance. Then a hearing is scheduled for a judge to determine if the will meets the law’s requirements. In most cases, the court appoints the executor named in the will unless the decedent’s beneficiaries object.

Next, the executor identifies the person’s assets and gathers them for safekeeping. The person must notify beneficiaries of the death and oversee the paying of the decedent’s debts. Finally, they must deal with any taxes that are due and close the estate out.