Liquidating an Estate? Read These Tips for the Best Results
If you’ve lost a parent, grandparent, or other family member, you may be tasked with liquidating their estate. It is no small feat to sort through, organize, and sell a lifetime’s worth of valuables and possessions, so it is no surprise that this activity is often stressful. Despite the varied emotions that you are probably feeling, it is important to avoid rash decisions that you could regret later. If you want to easily liquidate an estate in a way that makes the best financial sense, use some of these helpful tips.
Hire a Professional
A professional estate liquidation agent is a great resource to help you get the most out of your estate sale. However, it is important to do some research before you hire an estate sale agent, as you’ll want information about what they cover. Some agents are only involved in the prep work and conducting the actual sale, while others will take care of more details like pricing, getting appraisals, and hauling away items that don’t sell. Interview at least two companies and check references before making any decision on who to hire.
Determine a Sorting Strategy
If you have a deadline to meet when liquidating your family member’s estate, you’ll need a good
sorting strategy to go through all of the items. Some people find a “one touch” philosophy helpful – no matter where an item is in a house, after you have touched it once, you need to make the final decision about what to do with it. You’ll also want to keep any eye out for especially valuable items, such as stock certificates, deeds, titles, trusts, and life insurance policy documents.
Never Throw Anything Away
Remember that what you might consider trash could be a treasure to someone else. This is especially true of old items like costume jewelry, vintage clothing, and old magazines. While you might be tempted to clean out your house before you bring in a professional to help with your liquidation sale, you should never toss anything out before it is evaluated. Let the professional walk through your home and decide what should be discarded.
Depending on your circumstances, you might not have a ton of time to sell your items. You may have to make a “short” decision and sell your estate quickly – possibly due to estate taxes, cash flow problems, or unpaid bills. Regardless of your time frame, it is important that all of your items are thoroughly evaluated so that something valuable isn’t missed.
Jewelry, artwork, furniture, and other antiques can all add monetary value to the estate, but by failing to obtain appraisals from an accredited appraisal, you could lose money. Consider your options when looking for an appraisal – a professional estate appraiser might the best resource, but these services could be expensive. A local pawn or antique shop might be a more affordable option, but their knowledge about the specific antiques or valuables in your possession might not be as extensive. You’ll need to weigh the pros and cons of each option before you make your decision.
At Sarasota Antique Buyers, we can provide a market analysis for your estate items rather than an appraisal. This will give you an idea of what your items would sell for if you took them to an auction. If you choose to sell them, we are glad to make you an offer.. If you are located anywhere In Florida and thinking to sell antiques single items as well as planning to sell entire estates, we respect the true value of your estate pieces and heirlooms. We purchase antiques all around Florida be it from Sarasota, Orlando, Tampa, Clearwater, Winter Haven, Osprey, Bradenton, Englewood, Ellenton or any city you name.
When preparing to liquidate an estate, it is important to stay vigilant throughout the process. While it may be time consuming, if you rush to get everything sorted, you might miss something. By thoroughly organizing, inspecting, and appraising the items in an estate throughout the liquidation process, you can make sure you are getting the most for your loved one’s valuables.