In this part 2 of this 4 part series, I am going to talk about the duties of the executor or the administrator who are collectively referred to as the personal representative. As you remember, the executor is the person named in the will; the person chosen by the deceased to carry out his or her last wishes.
What happens if there is No Will?
In the absence of a will, the court appoints an administrator. The executor and the administrator are often referred to as the “personal representative”. Find out more about how this works. Read the rest of this entry →
Today I want to talk about getting inside the mind of the executor. Probate investing is my favorite real estate niche of all. This group of sellers is very motivated to sell any property in the estate. Once you can understand the seller’s viewpoint, it’s easy to see that investors provide a much needed service to anyone settling an estate.
Who Is In Charge?
The terms executor and administrator are interchangeable. The term personal representative refers to either of the above. So what’s the difference? Read the rest of this entry →
When I am going through the leads looking for those that have property that I might be interested in, I put the information on a special probate sheet that I designed. It makes it much easier to put it into my database later on.
As I said, there are only 4 pieces of information that you need. The name and property address for the deceased, and the name and address of the executor or administrator of the estate. Once every name that is listed in the newspaper has been checked on the tax assessor’s site, then I am ready to enter them into my database. I use an Act database that is from Sage. It is not specific to real estate, but it allows me to do everything easily that I need to do.
The Importance of Having a Database
I cannot overstate the importance of having a database for your leads. Don’t try to manage this process by putting these names into an Excel spreadsheet. It just won’t work. You need a place where you can keep these people; a home for all your leads.
I have found probate investing to be one of the most lucrative niches in real estate investing. It is also one that most people assume is difficult to navigate. The truth of the matter is that it is a relatively simple and straightforward process once you have a basic understanding of the probate process.
How Do I Find Out Where I Can Get A List Of Probates?
It’s really easy. Look up the phone number for your local probate court and give them a call. Ask how you can get a list of probates. They will tell you exactly how their system works.
In my city they are published in the newspaper so those leads are free. But be aware, that they have different procedures in different areas. In some areas you can get those leads online, or you may even be able to purchase a list. While purchasing a list may not be your first choice, it sure beats going down to the courthouse to get those records which is the case in some areas.
The important thing is to make the call to the probate court and begin the process.
What information do you need to begin the process?
Just about everyone will tell you that the probate process is difficult. It can be confusing to navigate, and emotionally it is a tough job for those left behind. In a perfect world, each of us would have done careful estate planning to make things easier for family members. However, in real life this is often not the case. Here is a little “cheat sheet” to help you understand the process. Read the rest of this entry →