Looking after a property as an Executor
A property can often be the most valuable asset in an estate. Managing that property can be a concern for the person dealing with the administration of the estate.
It may be that the property has been well-maintained by the deceased during their lifetime, with any repairs carried out immediately a problem occurred. However, sometimes as people get older, they don’t see or aren’t able to do those little jobs round the house to keep it in perfect condition anymore and the property falls into a state of disrepair.
As an executor you might ask whether you have a duty to make improvements to the property to help it sell faster, or for a better price. You may even feel under pressure from the beneficiaries to do so.
It is important to remember that the role of an executor is to collect, protect and maintain the asset in the condition that it was at the time of death.
Therefore, the executor must ensure that any maintenance issues are dealt with, such as leaks, roof or guttering damage etc. Necessary repairs should be carried out to ensure no further damage occurs. Any damage that has already occurred should be repaired so that the property returns to its original condition.
An executor is not responsible for upgrading the property so that it reaches a higher price. For instance, if a property is in such a poor condition that it cannot be mortgaged then their duty would be to sell it for the best price achievable to a cash buyer.
Using funds from the estate to improve the property can sometimes cause conflict, especially if different beneficiaries are to benefit from the property as to the remainder of the estate. The beneficiaries who are to benefit from the property might feel that the deceased would have wanted work to be carried out to improve the property. Whereas those receiving the remainder of the estate may argue that had the deceased wanted the work done, they would have arranged it during their lifetime. The executor must remember that they have an equal duty to all beneficiaries and should not be swayed by one group or the other.
If it is decided by the beneficiaries that they do want to have works carried out to the property before putting it on the market, it is vital that all of them agree to this before any work is commenced.
There are then three options available to the executor:
It is always important to remember the extent of your duties as an executor, but also the limitations on what you can do!
If you would like advice about acting as an executor, please contact Cath Collins on 01945 898090 or email her on This email address is being protected from spambots. You need JavaScript enabled to view it..
