Are you planning to liquidate a collection of personal items? You may consider donating the items, selling them through an auction or throwing them away. Among these options, an auction seems more plausible given the financial benefit. In that case, you would need an estate sale. Estate sales help you to liquidate all household property through rapid home sales. Below are the primary reasons for holding an estate sale.
Death in the Family
The most common reason for estate sales is death in a family. In this case, death often means that the deceased person leaves behind personal property. Such items may include:
- Sports gear
As a family, you may not have an interest in keeping the bulk of such things in your possession. Thus, you may engage an estate sales firm to dispose of the items.
Conflict over a Deceased Persons Estate
Usually, a family dispute may arise on the division of a deceased person's estate. This scenario often occurs when the deceased person does not leave a will. If the family members cannot agree on how to divide the property, an estate sale would be ideal. In that way, you can liquidate the assets and divide the cash proceeds. Notably, the court may also decree the disposition of tangible property and division of the proceeds among the survivors.
Execution of a Will
An estate sale may also result in the fulfillment of a will. An individual can prepare a will mandating for the sale of personal property. Consequently, the will executioner organizes an estate sale to dispose of household properties. Ordinarily, the money from the auction is put in a trust fund, donated, or used to settle estate debts.
You may require an estate sale if you are downsizing. Moving into a smaller apartment means that you have less storage space. In such cases, you will be in a dilemma on where to keep the extra belongs. One solution would be to rent a self-storage unit. However, this may be costly and unnecessary if the materials are not of high value or sentimental. The next rational option would be to organize an estate sale, sell the property, and retain value in cash.
Divorce also creates the need for estate sales. A vital question emerging from divorce cases is how to manage jointly owned household assets. In case the divorce parties cannot agree on a sharing formula, they can explore estate sales. Consequently, they can engage the services of estate sales companies to sell the property and divide the sales proceeds between them.
Ultimately, estate sales are a direct and effective way of selling personal properties to the public. Consider hiring the services of an estate sales firm for any of the listed reasons. Such firms will plan, market, and execute a well-organized and rapid auction.