The Successor Trustee's Real Estate Checklist

Becoming the successor trustee of a loved one's trust often happens at the worst possible time, right after a loss, and one of the biggest items on your plate is usually the house. Selling real estate held in a trust is more straightforward than probate, but you still have real fiduciary duties, and getting the steps in order protects you and the beneficiaries. Here's a practical checklist for trustees in Las Vegas and Henderson.

1. Confirm your authority before you do anything

Before you list a home or sign anything, make sure you're properly acting as trustee:

• Locate the trust document and any amendments.
• Confirm the trust language gives you the power to sell real property (most do).
• Obtain a Certification of Trust, the document title companies and buyers will ask for instead of the full trust.
• Verify the property is actually titled in the name of the trust. If it isn't, you may have a probate issue to resolve first; check with an attorney.

2. Gather the property documents

Pull together everything tied to the home so you're not scrambling later: the deed, the most recent property tax bill, homeowners insurance policy, any mortgage statements, HOA information, and records of recent repairs or improvements. Keep the real estate paperwork in its own file.

3. Secure and protect the property

A vacant home is a fiduciary risk. Right away:

• Make sure homeowners insurance is active and notify the carrier the home is now vacant (vacant homes often need a different policy).
• Secure the property with locks, an alarm, and someone checking on it.
• Keep utilities on for showings and to prevent damage.
• Maintain the yard and exterior so the home holds its value and curb appeal.

4. Get a defensible valuation

As trustee, you have a duty to sell for a fair price, and beneficiaries may scrutinize the number. Get a professional market valuation, and depending on the situation a formal appraisal. This also establishes the value for tax purposes. Inherited property generally receives a stepped-up cost basis to its value at the date of death, which can significantly reduce capital gains when you sell. Your CPA can confirm how that applies.

5. Communicate with the beneficiaries

Most trustee disputes come down to communication. Let the beneficiaries know the plan: that you intend to sell, roughly how the timeline looks, how the home will be marketed, and how proceeds will be distributed per the trust. Clear, documented communication is your best protection against second-guessing later.

6. Decide: sell, or distribute in kind?

Sometimes the trust calls for selling the home and dividing the cash; sometimes a beneficiary wants to keep it. If one beneficiary buys out the others, you'll still want a defensible valuation so the transaction is fair to everyone. Talk through the options before you commit to a path.

7. Prepare the home to sell well

Trust homes are often dated or full of belongings. Coordinating a cleanout, light cosmetic updates, and staging usually returns far more than it costs. If you live out of state or out of the country, this is where a local partner who can manage vendors on your behalf saves you repeated trips.

8. Work with professionals who do this regularly

A trust-and-estate attorney advises on your duties; a CPA handles the tax basis and any returns; and a real estate specialist who understands trustee sales markets the home, keeps beneficiaries informed, and closes cleanly. The three working together keep you protected.

How The Tchobanian Group helps successor trustees

We've guided trustees through real estate sales across Clark County for 21+ years, and Mike Tchobanian is CDRE and CPE certified. We coordinate with your attorney and CPA, handle vacant-property logistics and cleanouts even when you're out of state, provide documented valuations that hold up with beneficiaries, and keep everyone informed so the sale doesn't become a source of family friction. We also speak Armenian and Arabic.

If you've just stepped into a successor trustee role and the home feels like the hardest part, call us at 702-530-5844 for a clear, no-pressure walkthrough of your options.

This article is general information, not legal or tax advice. Consult a licensed Nevada attorney and a CPA about your specific trust.

The Tchobanian Group | Brokered by Vegas Capital Realty | NV License B.1001228LLC