As the title says, my mom has been declared mentally unfit due to her cancer and mental health issues. She might get better eventually, but right now, we’re facing a crisis because my dad, who managed our rental business, committed suicide this morning. They have eight rental properties, and my sister currently has power of attorney over my mom. The houses have positive equity, but without my dad, rent isn’t being processed, maintenance isn’t happening, and no one can manage the properties as the landlord is deceased. A rent check is just sitting on the kitchen table, and I’m really worried about several families being left in the lurch with no one to contact, not to mention the banks potentially taking over the houses, which could mean my mom losing the equity they worked so hard for. We plan to visit estate attorneys starting Monday, and we have a trusted family friend who helped them get into the rental business, ready to assist us. I really want to make sure we’re doing everything right.
You’ve got a lot on your plate right now. First things first, you should definitely consult with an attorney who specializes in estates and real estate. They can guide you through managing the LLC and the properties, especially since your dad handled everything day to day.
It sounds like you’re doing the right thing by getting help from estate attorneys. They’ll help you navigate through the wills and understand the powers of attorney. If your mom is mentally unfit, the existing POA could be problematic, especially if it’s not durable.
Keep in mind, if the properties are in your dad’s name, or if he was the sole manager of the LLC, it complicates things. There could be legal steps needed to transfer management to someone else, especially in light of his passing.
You’re right to be concerned about the tenants. Their needs should be addressed while you sort everything out. Have you considered reaching out to a property management company to temporarily handle things until you get everything figured out?