Property Security

Securing the property is essential to protect the estate’s value, ensure compliance with legal requirements, and provide peace of mind to all parties involved.  Here are some key steps you can take:

1. Secure the Property:  Make sure the home is secured to prevent unauthorized access.  Lock all doors and windows, secure all entry gates and garages.
2. Notify Utility Companies: Contact utility companies (electricity, water, gas, etc.) to ensure that services remain active during the probate process. This is crucial to maintaining the property and preventing damage due to lack of utilities. If you’re planning to sell the property, having the utilities on will also be required.
3. Regular Maintenance: Arrange for regular maintenance of the property, such as lawn care, and pool. This will help preserve the value of the home and prevent it from deteriorating during probate. This also prevents any municipal fines as a result of poorly maintained grounds. 
4. Insurance Coverage: Check that the property has adequate insurance coverage. Ensure that the insurance policy remains active and covers any potential risks, such as fire, theft, or damage. The number one priority is to protect the assets value during the process.
5. Pay Property Taxes: Make sure property taxes are paid on time to avoid penalties or issues with the local tax authorities. This is essential to maintain the property’s ownership and prevent any legal complications.
6. Consult with an Probate Attorney: Seek advice from a probate attorney, to understand your rights and responsibilities regarding the property during probate. They can guide you on how to navigate the process effectively and protect the home’s interests.
7. Document and Communicate: Keep detailed records of all activities related to the property, including maintenance, expenses, and communications with relevant parties. Communicate with heirs or beneficiaries to keep them informed about the property’s status and any actions taken.
8. Pay the Mortgage: If there is a mortgage on the home it is vital said loan is paid on time. The debt is secured by the asset, the home, and if the payments are not made that asset could go in to foreclosure.

By taking these steps, you can help protect your deceased loved one’s home during the probate process and ensure it remains a valuable asset for the estate and beneficiaries. Call The Binder Firm today! 
 

Prevent Theft and Vandalism:  Vacant properties are often targets for trespassers, squatters, theft, or vandalism.  Proper security measures deter unauthorized access and protect the home’s contents and structure.

Maintain Property Value: Damage caused by neglect, vandalism, or weather can decrease the property’s market value.  Securing the property helps preserve its condition, ensuring it can be sold at fair market value.

Comply with Legal Responsibilities: Executors and administrators and trustees are responsible for safeguarding estate assets.  Failing to secure the property could result in legal liability for any losses incurred.