5 Storage Tips for Estate Executors and Personal Representatives
When you serve as the executor or personal representative for an estate, you have many responsibilities. You're expected to identify, take charge of, care for, and distribute the late person's belongings according to their wishes.
However, probate can take some time. During this time, you must store things in ways that fulfill all your obligations to heirs. How can you ensure that a storage space will do this? Here are a few tips to put into practice on any estate.
1. Take Accurate Inventory
Make sure you know exactly what the estate has and where it is. The inventory should, at minimum, list each asset, its description, location inside storage, value, and condition. You may also want to include details like who it's earmarked for or whether it's been appraised. Update this inventory regularly if the probate continues.
2. Use Secure Storage
The executor can be held liable if they fail to take action to protect the value of the estate. So use secured storage for everything that isn't otherwise locked up. Look for a storage space that has modern security features, a separate lock, proper lighting, and patrols. Ask about their security and emergency systems. And get recommendations or search reviews before booking.
3. Don't Share Access
Controlling who has access to estate property is vital. While you may need some help from others, don't allow everyone to come and go as they please. Designate assistants — preferably those who have no economic stake in the matter — and only issue specific access. Use multiple locks or locks and codes to maintain transparency through the buddy system.
4. Keep It Organized
You can't do your job if you can't get to the estate's property. So, organization in storage is key. Use shelves, file cabinets, clear bins, and other organization tools for small property items. Label things clearly, perhaps even using a color-coded system to differentiate property for different heirs or for different disposal methods.
5. Provide the Right Environment
Many estate assets can be stored in standard storage facilities. However, some require special conditions. An art, book, or wine collection, for example, has specific temperature, humidity, and lighting needs. Learn what these fragile items need and look for a storage space that is climate-controlled or provides specialized services.
Where to Start
Storing things in the best, most secure, and most organized way will make your job as executor easier and more successful. Want help finding this ideal storage? Start by touring storage facilities in your area today.
