Real estate is often a major part of the gifts which pass from a loved one’s estate to the beneficiaries. Unlike stocks and other liquid assets, real estate often has added sentimental value to the beneficiaries with a feeling of history and connection to the property. Many families want to honor their loved one’s wishes by handling the real estate with care.
It is very important for estate executors to take steps to protect real estate during the estate administration process. Executors have a fiduciary duty to protect the real estate and can be held responsible for damage or destruction to the property.
What should executors do to protect real estate?