If you have been appointed as the executor of an estate, it may feel like you have been given an overwhelming responsibility. And while it can be difficult, especially if legal problems arise during the Probate of your loved one’s Will, you can make things much easier for yourself if you understand a few basic principles. Here are five things you need to know about being an executor:
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#10- An executor or administrator gives a power of attorney to a third party. Fiduciaries cannot delegate their authority.
#9- The Seller does not come to closing with certified funds for transfer taxes. Most Title companies will not take a personal check for transfer taxes unless authorized prior to closing.
#8- The Buyer unaware that the bank deducts closing costs from mortgage proceeds and fails to bring certified funds to make up the difference.
#7- The Executor of a Will that was not probated arrives at closing without Letters Testamentary.
#6- A Religious Corporation arrives at closing without a Supreme Court order authorizing the sale.
#5- The Seller arrives at closing with a payoff letter showing legal fees due. Seller may be in default on mortgage and must be in compliance with Home Equity Theft Protection Act.
#4- A child of the deceased owner who lives in the house arrives at closing to execute the deed without an Administrator or an Affidavit of Heirship.
#3- A seller with a docketed judgment that was discharged in bankruptcy believes he can sell the property free of that judgment.
#2- Only one Executor shows up to the closing when Letters Testamentary where issued to two executors.
The Number 1 Reason is: Will names a specific person to receive the property but the Executor attends the closing to execute the deed.
*Make sure your Estate Attorney and Real Estate Attorney are knowledgeable about the relationship between estate matters and the purchase and sale of property. Contact Attorney Tanya Hobson-Williams at (718) 210-4744 for more information.
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