As much as we try to fight it or even deny it, the fact remains that the majority of us have accumulated significant belongings -- i.e., "stuff" -- over the course of our lives. Indeed, while we do our best to keep the amount of clutter under control, more often than not, it simply ends up getting packed away or even left where it's sitting.
While there is really nothing wrong with this, questions naturally arise as to what happens to all of these belongings when you finally pass.
While people can designate what will happen to designated belongings via estate planning mechanisms like a will or even a revocable living trust, the reality is that there will still be items left after your passing that children or other relatives simply don't want.
This naturally begs the question as to what loved ones can do when facing the quandary posed by a house filled with a lifetime's worth of unwanted, but not necessarily valueless, possessions.
While there are a host of professionals to turn to in the field of estate liquidation, legal experts and financial planners alike indicate that loved ones should strongly consider taking the time to carefully map out a strategy before randomly calling these professionals -- appraisers, auction houses, cleanout companies, charitable organizations etc. -- as doing so can save both time and money in the long run.
In our next post, we'll explore some of the steps that these legal experts and financial planners recommend people take as part of an effective and efficient estate liquidation strategy.
If you have questions or concerns regarding estate administration matters, or would simply like to learn more about your options for executing an estate plan, consider speaking with an experienced legal professional as soon as possible.