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Learn The 9 Things Every Trustee of Real Estate MUST Do!

By March 22, 2016December 21st, 2017Uncategorized

Trustee of Real Estate Checklist

Many people realize the benefits of transferring the ownership of real estate over to a Trustee of a Trust. Often times the people who create the trust serve as Trustee. However, sometimes Trustees are called upon to take a more active role in managing a property. If and when that day occurs, the Trustee must be prepared to spring in action or run the risk of being accused of breach of their fiduciary responsibilities.

FRET NOT TRUSTEES – we have a checklist of things you need to do when you are called to action.

There are a whole host of things, but among some of the more important, you should consider if a residence will be vacant for an extended time:

  1. Changing locks;
  2. Making a detailed inventory of valuables and keeping them stored safely;
  3. Installing an inexpensive security system (which will dial out to  security agency in the event of a break in);

    Trustee’s who hold title to real estate have much to do!

  4. Monitoring pipes if in a colder climate;
  5. Requesting mail be forwarded;
  6. Halting newspaper deliveries;
  7. Advising homeowner’s insurance agent of the vacancy and make sure property is adequately insured;
  8. Arranging for condo and/or coop fees to be paid on a regular basis.
  9. Figuring out whether to keep utilities on or off.

Also, while seeming obvious, do not forget to check: To see if there are perishable items in the residence or in storage and address them accordingly; If there are pets or other animals that need care and/or homes.; Whether property and casualty insurance coverage continues on personal effects, motor vehicles and items in storage.

Conclusion: If you are a Trustee, it is advisable to seek assistance from a professional who can help you navigate issues that arise when taking on the responsibility of a fiduciary.



Matthew J. Leonard, Esq. has devoted his practice to handling the legal needs of individuals and their business interests through all stages of life. As an attorney with the law firm of Leonard Legal Group, P.C., he has been engaged to handle matters from basic to sophisticated involving Estate Planning, Elder Law, Medicaid Planning, Probate, Trust and Estate Administration, Real Estate, Business Transactions, Business Creation and related litigation.