topic | organize finances and pay bills
Step 2: pay bills for the residential property
Keep payments on bills and services required to maintain owned property current. This protects the estate from a loss in value and ensures that the property remains in good repair. Bills may include:
- property taxes
- insurance premiums
- mortgage or rental payments
- home care services such as lawn care or garbage pickup.
Make payments from the estate checking account, and record them in the checkbook ledger. Use Insurance Policies, Accounts, Deposits Deductions and Real Estate Records as a guide to identify necessary payments.
Arrange for real estate to be transferred to a designated beneficiary, or prepare it for sale as soon as possible.
Maintain the property. Enlist the help of neighbors, other family members, even local police, to ensure the residence looks occupied, is protected from intruders, and retains curb appeal.
If the decedent lived in a rental residence, terminate contracts, and cancel related payments including rental insurance. Arrange for personal belongings to be moved to a storage facility until they are distributed.
(if this Step is complete)
to Step 3
Return to Step 1