Planning & Decision Resources
A practical overview of what happens next when an estate includes real property — from the first days through closing.
Overview
Serving as an executor is a significant responsibility under any circumstances. When the estate includes real property, there are specific steps, decisions, and deadlines that need to be managed — often while you're also handling grief, family dynamics, legal paperwork, and other estate matters simultaneously.
This guide provides a clear, phased overview of what typically needs to happen and when — from the first days after death through final closing. It's designed to work alongside your attorney, CPA, and real estate advisor, not to replace any of them.
"An executor has a fiduciary obligation to the estate — which means evaluating decisions on financial merit, not on personal preference or family pressure. Understanding this obligation clearly, before decisions need to be made, is one of the most useful things early preparation produces."
Who This Guide Is For
What's Covered
Key Insights
"Most homeowner's insurance policies reduce or void coverage after 30 to 60 days of vacancy. Notifying the carrier immediately — before coverage lapses — is one of the most time-sensitive actions an executor can take."
"Inherited property typically receives a stepped-up cost basis to fair market value at the date of death. Understanding this before any sale decision is made can significantly affect the financial outcome — and the decision itself."
"A straightforward as-is sale can close in 30 to 60 days once decisions are made. Properties requiring probate, significant preparation, or complex family alignment often take 6 to 18 months from inheritance to closing. Both are normal — but understanding which situation you're in early helps avoid carrying costs that compound quietly."
| Advisor | What They Handle | When You Need Them |
|---|---|---|
| Estate Attorney | Probate, authority, legal transfers, court approvals | Immediately — before any action |
| CPA / Tax Advisor | Stepped-up basis, capital gains, estate tax, 1099-S | Before any sale decision |
| Real Estate Broker | Market value, sale strategy, listing, negotiation | Phase 3 — assessment and planning |
| Contractor / Inspector | Property assessment, repair bids, renovation scope | Phase 3 — before renovation decisions |
| Title Company | Title search, lien clearance, closing coordination | Once in contract |
Free to download. Practical, Colorado-specific, and built from direct experience with inherited property situations across the Denver metro and Front Range.
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