5 Smart Strategies to Settle an Estate 

(Family Features) When a parent passes away, it’s usually left to their offspring to manage and disperse the remaining estate. In the wake of such a loss, emotions can run high, and the sheer amount of paperwork can quickly become overwhelming.

If you’re in the throes of settling an estate, whether by yourself or with the assistance of your siblings, consider these tips to help chart a smoother course.

Get organized. Keep a seemingly endless to-do list manageable by writing everything down. Create a system for prioritizing each task and if there are others who are willing to help, delegate what you can. Establish categories such as bills to pay and other outstanding debts, accounts to close, agencies and organizations that need to be notified of the death and so on.

Know your limits. Some estates are simple and straightforward: There’s a basic will, few assets, known heirs, and it’s easy to grasp what happens next. Others are far more complicated. If you find yourself in over your head, seek help from an expert such as an estate attorney who can guide you through the legalities and paperwork.

Focus on solutions. Remember that even the most seemingly hopeless situations can turn out well if you remain open to exploring solutions. When Karen Jones’ mother passed away, she and her four siblings were left with a house that needed a lot of repairs none of them could afford before it could be sold. Jones learned about HomeVestors from a sister and the two scheduled a free consultation with a local independently owned and operated franchise.

Within 24 hours, Aaron Katz with WinWin Properties presented an offer not only to Jones, but individually to all of her siblings who were not able to meet at the same time. Jones credits Katz’s professionalism, kindness and sensitivity during a difficult time for her family.

An option such as HomeVestors, the largest professional house buying franchise in the nation, offers cash payments and quick closing, which can be helpful in settling an estate. In many cases, homes can also be sold as-is with no repairs and with unwanted contents still inside.

Expect the unexpected. It may come in the form of a change in the will or old letters stashed in a closet, but it’s a safe bet that in settling the estate, you’ll come across something you weren’t expecting. Add this to the emotional simmer you’ve been holding steady and this may be the tipping point to boil you over. Simply put the new information on the back burner for now and return to it later, when you can deal with it more rationally and avoid letting a surprise stain your memories.

Take a break. In the aftermath of a loss, many survivors switch to autopilot, not only to distract their minds from the loss but to regain some sense of control in a situation that can feel helpless. While this coping mechanism may answer a short-term need, be sure to allow yourself time to properly grieve and avoid taking on so much that you neglect your own physical needs, such as food and sleep.

Settling a loved one’s estate isn’t likely to be easy, but taking it all one step at a time will help you take care of business while you make sure you’re still taking care of yourself.

For more information, visit homevestors.com.

Photo courtesy of Getty Images

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HomeVestors

3 Ways to Begin Settling a Loved One’s Affairs

(Family Features) Following the loss of a parent, the list of to-dos can feel overwhelming. Not only are you adjusting to life without a loved one, you may be facing a seemingly insurmountable list of tasks. From arranging services to dispersing personal possessions to taking care of yourself, it’s easy to find yourself in over your head.

Especially if the passing was sudden or you didn’t have the chance to discuss the loved one’s final wishes, you may find yourself wondering where to begin. Although the specific details will vary from one family to the next, there are some common steps to consider once the memorial services are over and your attention must turn to putting their affairs to rest.  

1. Process the grief. With a long list of tasks looming, you may be tempted to put yourself on auto-pilot and power through. However, failing to give yourself time to grieve and come to terms with your loss can be destructive to your mental and physical health. Seek the support of family and friends to ease your emotional burden so you are able to effectively tackle the duties that lie ahead.

2. Sell the house. With the financial implications of mortgage payments looming, real estate is often one of the biggest decisions following a loved one’s death. That was exactly the situation Becky Addison faced. She inherited her mother's home but wasn’t in the financial position to fix, maintain or own the property along with her primary residence.

   “One day it was my parents’ house and then suddenly it was my house. I was not prepared to be responsible physically or financially for the property,” Addison said. “There were too many repairs to be made, my husband and I lived in another county and we didn’t have the money to invest to update it. We had to get rid of it.”

   Unsure what to do, Addison contacted HomeVestors, the largest network of independently owned and operated home buyer franchises in the U.S. with more than 65,000 houses bought since 1996. Ultimately, she received a cash payment and was able to close in just 14 days. Today, Addison is a HomeVestors franchisee and helps others just like her sell their inherited houses for cash with no repair, cleaning or closing expenses.

3. Manage the estate. Although it is a sizeable consideration, real estate is generally just one piece of a person’s estate that must be settled following their death. Settling a parent’s business affairs following their passing can be relatively simple, but in the absence of a will, it can become more complicated. Enlisting the guidance of a qualified attorney can help you navigate probate court, if necessary, and ensure you comply with local laws as you settle any debts and distribute or dispose of personal possessions.

Learn more about the real estate resources available following a loved one’s death at homevestors.com.

Photo courtesy of Getty Images

SOURCE:
HomeVestor