Here are some lists of suggestions to help Bruno for the settlement of his assets.

Personal Residence
If the personal residence of the person who died was a rental, to save ongoing expenses, the
Executor or Trustee may decide to terminate the lease, vacate the premises, and place all of the
tangible property in storage until they are distributed. If the person owned his or her own home,
check whether the will or trust hands over the residence to anyone. If not, the Executor or
Trustee should determine whether any of the residual beneficiaries wish to take ownership of the
property, provided there are other equal assets that can be distributed to other beneficiaries.
Alternatively, the Executor or Trustee may sell the property and distribute the net proceeds. A
title search should be done to find out whether there are mortgages or liens against the property.
If the residence is underwater, the Executor and Trustee would have to decide whether to pursue
foreclosure, a deed in lieu of foreclosure, or a short sale as a means of disposing of the property.
For assistance with underwater properties, you should seek the advice of an attorney and a
realtor.
If the surviving spouse, minor children, or other family members were residing with the person
at the time of death, they might have the right to continue living there during the administration
of the estate or trust, depending on state law. Consult with an attorney about whether occupants
can be allowed to remain in the persons home and for how long, or whether they will have to
move from the premises.

Other Real Estate

If the person who died owned other real estate, check whether there are tenants occupying their
property. If so, look for a copy of the lease agreement among his or her papers, and arrange for
rental income checks to be sent to the Executor or Trustee. Find out whether the person had hired
a property management company, and if so, request a copy of the property management
agreement. If the property will be sold, you should consult with an attorney and a realtor as to
whether steps should be taken to remove the occupants from the premises before the property is
listed for sale.
Income Taxes
A personal income tax return must be filed for the first part of the last year of the persons life
through the date of death. The surviving spouse may file as married jointly on behalf of both
spouses. For the second part of the year, a fiduciary tax return will have to be filed for income
earned by the persons estate or trust after the date of death. For example, if the person owned
rental property held in a trust, the trust would have to file an income tax return, reporting rental
income for the second part of the year following the date of death. Special rules apply to income
earned during life but received only after death. Seek the assistance of an attorney or an
accountant to prepare the income tax returns.