One of the most common ways to take care of the assets of a person who has just passed away is to hold an estate sale or auction. Most people accumulate quite a few hard assets during their lifetime (furniture, collectibles, equipment, car, house), and liquidating the assets can be a challenge.
Why hold an estate auction or sale?
There are many reasons why it makes sense to hold an estate auction. Here are some of the most common:
- There are no heirs, liquidate all assets funds going to a Charity foundation.
- Heirs are uninterested in the property
- Heirs cannot agree on the dissolution of the property
- Heirs are emotional and decision-making may be impaired
- Executor does not have the time
- Executor lives in another city
- Executor lacks experience in valuating goods and conducting sales
- It is easier to divide money than it is to divide a sofa!
Theresa has held countless estate sales and auctions over the past twenty years, and she pays special attention to each one. “I am always interested in the story of an item,” says Theresa. “What is the provenance? How did it come be in the person’s collection? Why did they collect what they collected? Knowing the story can really help in achieving the best possible price.”
Obviously the first step is to determine if the family and/or executor want to sell the items in the first place. Most families want to keep certain antiques in the family, but on the other hand, sometimes everybody is simply happier if the assets could be turned to cash.
The executor’s task has reached a new level of intensity. Estates laws are now more complicated then ever. Government requirements have changed and there are more revisions ahead. It is her executor’s aid skill set that enables Theresa Taylor to give a helping hand to the executor in dealings with the estate’s lawyers and accountants. Due to her expertise, Theresa can handle appraisals for probate, appraisals for equitable distribution of gifting, as well as selling off the personal property on the secondary market. For example, Theresa may recommend various designated market places for specific items such as a gun or a rare coin collection.
Real estate can also be sold at auctions. Theresa and her staff are fully qualified to prepare the property, hold and manage open houses, and sell the house and its contents. It goes without saying that Theresa’s logistically demanding assistance is a welcomed help for the executor, who, in turn, can fully focus on the estate’s complex transactions. Her assistance can become of utmost importance in case of the executor not being local. Once her executor’s aid tasks are accomplished, Theresa provides the executor with a full report and with full disclosure documentation.
