Estate Planning and Estate Sales: How One Impacts the Other
How does an estate sale differ from a garage sale and, better yet, how does it all coincide with an estate plan? While the resemblance to a traditional garage sale is there, an estate sale, also known as an estate liquidation, is the act of selling a significant amount of property in a short period of time to satisfy an estate dollar amount. Estate sales can happen after a death, divorce, relocation, or any other last-minute large change in life. The sales are typically planned and completed by estate sale companies who take a percentage of whatever profit is made from the property and goods sold.
So how does this concept fit into estate planning? Well, it can actually play a significant role in how property is distributed amongst those in a will. In an estate, one can choose an executor who is deemed responsible for distributing property in accordance with state laws and the will. Not choosing an executor can result in someone being chosen by the state to distribute all property left behind, most likely via an estate sale.
Avoiding a public estate sale is easy; it’s important to realize how much property you have and address all of it in your will. Often times, people don’t realize just how much they may leave behind until it’s too late. Dealing with the loss of a loved one is already stressful enough, without having the additional burden of deciding how property will be divided amongst the family. Making sure that important pieces, memorabilia, and property are left to the desired person in a will makes the size of an estate sale diminish and reduces stress for all parties involved. After that, an estate sale for the remaining value of an estate can be a fairly simple detail of the estate closing process.
If you have questions regarding your estate plan or need help establishing a will, contact our team of lawyers at Schulz Stephenson Law or visit us at www.carteretlaw.com.