Tuesday, September 10, 2013

Gathering Cash

Jill has been appointed independent executor of her father’s estate after her petition was considered by the probate court. 

We know that not every creditor will be paid in full at the closing of the estate, as we earlier discovered that his money and property will not be enough to pay all of his bills.  Thus, we plan to leave most bills unpaid until later to be sure we pay them according to the priorities set out in the probate act. 

Obviously, the most pressing need is to turn Jill’s Dad’s assets into cash, so the estate can pay the bills necessary to “preserve” those assets until sale and the expenses of administration.  After all, Jill did not save cash of her own to loan to her Dad’s estate for the up-front expenses, as his death was sudden and unexpected. 

First, Jill must ready the house for sale, which means all the normal home pre-sale activities.  She should make the home as presentable as possible without major expense; for example, she could rearrange furniture to show the home to its best advantage, and have basic cleaning done. 

Meanwhile, she should contact realtors about listing and selling the home.  They are great sources for ideas about what to do to improve the salability of the home.

For advice about proper after-death legal procedures, either with or without probate, please call our office at (815) 436-1996 for an appointment. 

©2013 Gruber Law Office, Ltd.


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