Your Trusted Real Estate Advisor

Have you heard the term "Short Sale"?  It refers to an alternative to a foreclosure for a homeowner who has trouble paying their loan or selling their home in a depressed market.

I've written a short article on "What you should know about Short Sales" for those who may be thinking about what to do with their house that is "upside-down" financially.

Check it out, and call me if you have any questions.  303-284-3609

Duties, Responsibilities, and Liabilities

So, you think you might want to be a Personal Representative (P.R.) of an estate? Or maybe you don’t want it but you find you have become one by default or request. You might know this role under the older title of “executor” of an estate.

Now what do you do? I recently sold a home that was in the estate of the mother of the Personal Representative. It seemed to me to be an overwhelming task—and a thankless one at that. The link below will help you clarify your general duties, specific responsibilities, and possible liabilities.

Land Title Guarantee Company has produced a “technical bulletin” about Personal Representatives that addresses these issues.

The technical bulletin is written by attorneys and is a condensation of material from the Colorado Bar Association. As such, it deals with the legal issues involved.

There is more to being a P.R., though than just the legal matters. I would add these other items you should know:

1. The P.R.’s people skills and relationship skills will be challenged. The death of a loved one can bring out the best and the worst in people. Some will want everything they can get without regard for the interests and feelings of others. Some will want to please everyone regardless of whether the others involved are people who can be satisfied.

2. Timely, frequent, and honest communication is one of the P.R.’s primary tools for keeping the situation as peaceful as possible.

3. Rely on professionals whenever possible—trust your attorney, accountant, Realtor^®, and others to give you their honest expert advice. Then take that advice and act on it.

4. There won’t be enough time in your day to do everything you want to do as well as you want to do it. All you have to do as a P.R. will take all the time you allow it to take. Do what you can, and ask others who can help to do what they can.

5. Take care of yourself first. This doesn’t mean to take things from the estate for yourself first. You will have legal responsibilities there. Rather, it means that you, the P.R., are hurting too if you are related to or close to the deceased. Seek emotional, spiritual, and other support for yourself in order that you can carry out your P.R. duties without being overwhelmed.