Do not move, sell, transfer, or distribute property, vehicles, personal belongings, or business assets until proper legal authority has been established. Even well-intentioned family members should avoid dividing or removing items prematurely. Preserving the estate in its current condition protects against disputes, liability, and potential legal complications. This task focuses on maintaining the integrity of estate assets until an executor or authorized representative has formal authority to act.
Frequently Asked Questions
Legal
What is the executor's fiduciary duty to preserve assets?
The executor or administrator has a legal obligation to protect estate assets from loss, theft, damage, or waste. This means securing the home, maintaining insurance, paying property taxes, and not allowing assets to deteriorate. Failure to preserve assets can result in personal liability—a beneficiary can sue you for losses caused by negligence. Document every action you take with dates and receipts.
What counts as an estate asset?
Estate assets include all property owned solely by the deceased at death: real estate, vehicles, bank accounts, investment accounts, personal property (jewelry, art, furniture, electronics), business interests, intellectual property, digital assets, and debts owed to the deceased. Assets held jointly with right of survivorship, payable-on-death accounts, and assets in a trust generally pass outside the estate.
What are commingling risks and how do I avoid them?
Commingling means mixing estate funds with your personal funds. Never deposit estate funds into your personal bank account. Open a separate estate bank account and run all income and expenses through it. Keep meticulous records of every transaction. Commingling can result in personal liability, removal as executor, and even criminal charges in extreme cases.
Costs
Should I maintain insurance on estate property during probate?
Absolutely. Contact the deceased's insurance companies (homeowner's, auto, valuable items) immediately to keep policies active. Notify them of the death and update the named insured to the estate. If a homeowner's policy lapses, the mortgage lender may force-place expensive coverage. Vacant homes may need a separate vacancy endorsement, as standard policies exclude claims on properties vacant for more than 30-60 days.