As an executor, times come when you have to sell the property that has been left behind for beneficiaries.
One of the most common directives that executors come across is to sell the property and share the proceeds equally among the beneficiaries. You can talk to the estate planning lawyer to interpret the will for you.
The type of property that you have to sell will dictate the procedure. If it is high end and attracts many sellers, then you are sure to sell it off fast. On the other hand, if it isn’t so valuable, it might take some time before you sell it.
If you are planning on disposing of particular property to share the proceeds among the beneficiaries, you need to follow a few tried-and-tested tips.
Involve the Beneficiaries
This is the first step you need to take at all times. Never do anything without informing the beneficiaries. The reason behind this is because the level of trust that their parent put in you might not reflect in the kids. Let them be involved in the process, and let them know that this is the wish of their parent.
As you plan and execute something, it is vital that you tell them what you are doing and communicate the results.
Work with a Professional
For starters, you need a professional opinion on what the property is worth. You should approach an estate sale company to help assess the property in the estate.
Talk to your estate planning lawyer to recommend a company or professional for you. However, make sure that the company you use comes with liability insurance and is bonded to work in the state you reside in.
Don’t Disregard Any Item
Many times, that rug you throw out of the house might be the most expensive thing in that home. So, don’t try and throw out anything that you think isn’t of any value to the process.
The estate sale professional is trained to give an unbiased view of the property in the estate, which means that they will tell you what is valuable and what isn’t.
Many times, after somebody passes away, the family members usually desire to pick a few things as mementos of their loved one. However, you need to caution them not to carry away only valuable items and leave behind junk.
Set It Up Properly
You need to get top dollar for the sale of the estate, reason why you need to take time, and set it up ready for viewing. If it is a house, a fresh coat of paint or a cleaning task won’t do any harm.
Enlist the services of an estate sales team for this task.
Let them clean up the house and make sure it is appealing to the public. Remove any damaged or broken items that might take the value of the home down.
You can choose to sell the house alone or with the items in it. If you decide to sell them separately, then go ahead and organize for a local dealership to come to check the items out.A good step would be to come up with the prices for all the items. Get a valuation expert recommended by an estate planning specialist to help you determine what every item will sell for.
Get Images
You need to try and take pictures of the items you are putting up for sale. You can use these images in the advertisement stage of the items. Use a professional photographer who understands what angles to use.
Advertise
For you to sell the items the right way, it is prudent that you advertise.
Selling them locally might be convenient and fast, but you will be limited to a few clientele who might not offer top dollar for the items.
Instead, try and spread the news far and wide so that you get a chance to sell to different people.
If some items remain that won’t sell, then giving them out to charity is a good idea.
Have Documents at Hand
Make sure that you keep all the documents involved in the sale – right from bills to the sale agreement. This will come up when a dispute arises, and you need to handle the situation in a court of law.
In Closing
When you have something to sell, it is always good to follow a few steps. When it is valuable, it sells fast. Make sure you report the progress to the beneficiaries at all times to keep them in the know.
