topic | organize finances and pay bills

Step 3: pay bills associated with rental properties

If the decedent owned rental property, the executor must take steps to maintain these properties until ownership is transferred to the beneficiary. Maintenance efforts may be coordinated with a property manager if one exists. Real Estate Records may contain helpful information.

Activity 1
Inform Renters or Property Manager

Collect rental payments made out to the name of the estate. Make arrangements for questions and concerns to be redirected. Provide the executor’s contact information as appropriate.

Best Practices

Written notification regarding the decedent and resulting changes in contracts ensures that details are communicated effectively and are documented for future reference. Keep detailed records of communications and all transactions.

Activity 2
Pay Bills for Rental Properties

Follow the same guidelines as offered in Step 2.

(if this Step is complete)
to Step 4

Return to Step 2