You can make a lot of money owning rental properties in Dayton. If so, you would like to ensure these properties stay in the family after you pass away.
But life often has a way of passing by quickly and maybe you never got around to appointing a property manager in your will. Fear not, if this happens your heirs can move the court to appoint the executor of your estate as property manager of your rental property.
Appointing your executor as property manager
If after you die no one with the authority to do so has taken on the role of manager of your rental property, one of your heirs can ask the court to appoint the executor of your estate to serve in this role.
The heir must request this appointment by submitting an application to the probate court and attending a hearing on the matter.
The application must include:
- A statement of the facts necessitating the appointment
- A description of the rental property that identifies the rental property
- The names and contact information of the person who was to inherit the rental property
The court will notify the person who was to inherit the rental property and the executor of your estate of the date and time of the hearing.
If the court concludes the statements in the application are truthful, and it is in the heir’s best interest for the executor to take over the rental property, the court will rule that the executor shall act as manager of the rental property.
The executor’s role as property manager
The executor has duties to fulfill if they are ordered to manage a rental property. Some of the duties they are responsible for include:
- Collecting rent paid by tenants
- Using rent money to pay taxes on the property, perform upkeep on the property, and purchase property insurance
- Rent out the unit(s) on a month-to-month basis or agree to a lease of up to one year
At least once a year the executor must pay heirs their portion of the net rent money.
Executors have many duties
Executors have many responsibilities in addition to managing rental property. Executors play an important role in the administration of your estate, and they are key in ensuring your final wishes are carried out appropriately.