Being named the executor of an estate is a serious responsibility.
Executors have a fiduciary duty to safeguard every asset of the decedent, including that dresser in the bedroom and the tool bench in the garage. And here is where most people don’t know…
If anything gets lost, stolen or damaged under your care… You can be held personally liable as executor.
That’s where things get tricky.
Probate can take months. Even years. Until then the real property and assets need an actual plan for protection.
This article guides you through all you need to know about protecting physical property in probate as an executor — and how to do it without getting burned.
In this guide:
- Why tangible assets are at risk during probate
- The biggest mistakes executors make
- 5x practical ways to safeguard physical property
- When off-site storage is the smart move
Why Tangible Assets Are At Risk
After someone dies their house and possessions are in a state of suspended animation. Relatives visit then leave. Doors may never be re-keyed. Mail accumulates on the porch. Neighbors see the vacant driveway.
This is the perfect storm for things to go wrong.
And the executor is the one left holding the bag if anything does.
According to MetLife, an easy estate can take less than 12 months to wind up, but complex ones can take many years. Lots of time for things to vanish or get damaged.
Common risks include:
- Theft (often by people close to the family)
- Water leaks or fire damage to vacant homes
- Pests destroying furniture and clothing
- Disputes between beneficiaries over “missing” items
One smart strategy? Remove valuables to a secure location as soon as possible. Affordable self storage is often the most inexpensive, secure solution available to an executor handling probate. Secure locker storage is perfect for smaller valuables like jewellery, documents and collectibles. It gives the estate a lockable, trackable space that separates these items from everything else in the house.
This kind of separation matters more than people think…
It keeps everything nice and tidy. Otherwise when splitting up the inventory there will be more arguments amongst family.
The Executor’s Legal Duty of Care
An executor’s job isn’t just paperwork.
It’s a fiduciary responsibility. Which means the executor must act in the beneficiaries best interest… not their own.
According to Justia, an executor can be sued by beneficiaries or creditors for breaching this duty. They are not liable for decreases in asset values unless they acted unreasonably.
The lesson is simple:
Act reasonably, document everything, and never put personal interests above the estate’s.
5x Ways To Safeguard Tangible Assets
Here are the strategies that protect both the assets and the executor…
Take A Detailed Inventory Right Away
Step one is always identical – write a list. Go room to room. Take pictures of each item. Write down serial numbers for electronics/appliances.
This inventory becomes your shield.
In case a beneficiary later says grandma’s emerald ring is missing, a date-stamped photo will document that it existed. Probate courts usually require an inventory anyway, so the effort won’t be wasted.
A few tools that make this part faster:
- A simple phone camera with location data turned on
- A shared spreadsheet (Google Sheets works well)
- A roll of tamper-evident labels for high-value items
Secure The Property Immediately
The first 48 hours matter.
- Change the locks on the home
- Forward the mail
- Notify the utilities company
- Take in any deliveries
- Check that smoke alarms are working
If the house will be vacant for weeks, pay someone to check on it periodically. Thousands of dollars of furniture can be ruined overnight if a pipe bursts in an empty home.
Get Valuable Items Appraised
You can’t protect what you can’t value.
The American Bar Association recommends hiring a qualified appraiser to determine the value of tangible assets such as furniture, cars, jewelry, art and antiques. With unique pieces or significant collections, consider hiring a specialized appraiser for these. It’s worth the additional cost.
This also allows the executor to prioritise what should be stored, insured or can safely remain.
Move Valuables To Off-Site Storage
Occasionally, the home of the estate may not be a suitable place to store everything – either because it isn’t safe there or because the property must be sold (with probate pending) in a timely manner. Or perhaps the heirs are located in different states and want to put the items in a neutral location until the estate is settled.
This is when off-site storage becomes an executor ally. With there being over 50,000 self-storage facilities across the country, locating one near the estate will be uncommon.
When choosing a unit:
- Climate control is worth the extra cost for wood furniture, electronics and artwork
- 24/7 cameras and access logs add an extra layer of protection
- Month-to-month contracts give flexibility while probate drags on
Choose a building that has cameras at all entrances and that is well lit outside.
Keep Insurance Active
This one trips up a lot of executors…
Standard homeowner’s policies include a provision that the home must be occupied. When the owner dies, the policy can become voided — even if the payments continue to be made.
Contact the insurance company immediately. Secure a vacant home insurance policy. Ensure stored belongings are covered by either storage insurance or a personal contents policy.
Avoiding Common Executor Mistakes
The biggest mistakes happen when executors try to do too much, too fast.
Don’t:
- Give items to beneficiaries before probate closes
- Sell anything without court approval (if it’s required)
- Mix personal funds with estate funds
- Skip the paperwork
Do:
- Document every decision
- Communicate with beneficiaries regularly
- Ask the probate attorney before making big moves
- Keep receipts for everything (including storage costs)
Storage and security charges are usually payable from estate funds which means executors should not be personally out-of-pocket for protecting estate property.
Bringing It All Together
Safeguarding tangible assets during probate isn’t optional — it’s the executor’s legal duty.
The best news? It doesn’t have to be difficult. Armed with a good inventory, a secured house, appropriate appraisals and the right storage solution, most executors can navigate through this process easily.
The main takeaways:
- Inventory everything in the first week
- Secure the home and change the locks
- Get a professional appraisal for valuable items
- Use affordable self storage for items that need extra protection
- Keep insurance active throughout probate
Do these steps correctly and the estate’s assets will be safe. The beneficiaries receive what they’re entitled to… and everything is done perfectly according to law.