Real Time Web Analytics

Saturday, January 22, 2011

Can executor renovate deceased parent's home?

It's a scenario familiar to many; a parent passes away, leaving one of the children as executor. The child is going to sell the family home. It is up to that executor to decide how to get the best price for the house in order to maximize its value to the estate.

In many cases, the deceased parent lived in his or her family home for fifty years or more. Even if the parent has kept the home in pristine condition, he or she might not have kept up with modernization. Colours, appliances or design might be old-fashioned. Wiring, plumbing or windows might be worn out. Many an executor finds it nearly impossible to sell a home that hasn't been updated for too many years.

In a case like this, an executor may decide to use estate funds to renovate the home. He might find it better to invest a few thousand dollars to improve the selling price than to let the house go too cheaply or to take months and months to sell. The renovations may be small or extensive, as long as it makes economic sense for the estate. This is a decision that an executor would have to make carefully and thoughtfully, particularly where there are other siblings who question his expenditures.

The executor may also use estate funds to hire movers, cleaners or landscapers to make the house available for sale. These decisions must always be made with a view of maximizing the estate.

No comments:

Post a Comment

You might also like

Related Posts with Thumbnails