Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

What exactly can your heirs do with all of your unwanted stuff? - III

In today's post, we'll conclude our ongoing discussion of the steps that loved ones should consider taking when a family member passes away and leaves behind a significant amount of "stuff" that wasn't otherwise accounted for in an estate planning mechanism like a revocable living trust or simple will.

Last time, we explored how experts recommend that the first step in any effective estate liquidation strategy is securing the services of an appraiser who can help determine what remaining property merits special treatment. In other words, helping heirs ensure that nothing of value is inadvertently thrown out or sold for a pittance.

The next step that legal experts and financial planners recommend people take as part of their liquidation strategy is retaining the services of general property liquidation specialists.  

Specifically, these liquidation specialists will examine the items remaining after the appraisal, and determine what should be sold and for how much (typically yard sale values are used), what should be donated and what should be thrown away.

Once this process is complete, the liquidation specialists will make all of the necessary arrangements for an estate sale from sorting and cleaning to pricing and advertising.

After the sale itself is complete, they can then make arrangements for the remaining items, clean the home, and present the heirs with the total proceeds after deducting their predetermined fee.

Legal experts and financial planners recommend that heirs keep the following points in mind concerning general property liquidation:

  • Perform your due diligence when selecting a liquidation specialist, making the necessary inquiries about their services, checking references, visiting other estate sales they are running and meeting with representatives face-to-face.
  • Resist the urge to throw things away after the appraiser has come and gone, and while awaiting the services of the liquidation specialist, as there is still a chance you could be getting rid of something valuable.
  • Abstain from pulling items out of the liquidation process once it's already begun, as it can needlessly complicate the estate sale.  

If your loved one has recently passed and you have questions about the probate process or other estate administration matters, consider speaking with a skilled legal professional as soon as possible.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Aventura, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions