In Today’s Video, we’re going to be discussing the physical items that belonged to someone who passed away. Basically – what happens when you inherit a home full of belongings.
The physical items you inherit, (that belonged to someone who passed away), are called the “assets”. The assets usually include personal items such as furniture, clothing, jewelry. They also can include investments, bank accounts and other property, but for the purposes of this article, we are mostly going to cover the physical items – we have a ton of articles and content on how to locate and find the more obscure financial assets.
We are going to be discussing what the physical items that belonged to someone who passed away are, what happens when you inherit them, how they are awarded by the heirs, and what you can do with them!
All the assets, property, and possessions of a deceased person are distributed between his or her heirs – sometimes with reference to a will, and other times without it. If the Will dictates specifically who is the recipient of a specific item, then that item will go direct to the recipient. As an example, if there are 3 children and the Will states that the car goes to child one, the dining set goes to child 2, and the entertainment system goes to child 3, then we follow the specifics of the Will.
If the Will otherwise states that the remaining assets get split among the children equally, then the Heirs will need to decide how to handle the other items in the estate (NOT including those items that have been specified) and split them equally.
In the absence of a will, assuming all items belonged to the deceased, (that there was nothing in the home that belonged to someone else) the physical assets would usually be split equally among the heirs.
Of the deceased’s property a LOT of it is going to be of little value to anyone. That is stuff that will usually get discarded. That is the most challenging part for the Heirs (and sometimes fun!) to go through all the papers and whatnot that was left behind by the deceased.
The deceased’s estate is often an emotional time for everyone, but it is also a thoughtful time. Consider the deceased’s family members and friends, what would they want to have? Update to the property insurance? What about the sentimental items?
This section will talk about the physical items that belonged to someone who passed away. It will focus on their heirs, household, and stuff.
When someone passes away, it may be hard to know what to do with their personal items such as jewelry and other valuables. There are many options for what you can do with them such as donating, selling or giving their items to someone special.
Option 1: Sell the items
This will give you money that you can use for yourself or donate to a cause your loved one would like.
Option 2: Give the items
This is often done by giving the item to a close friend or family member who may want them.
Option 3: Donate the items
Items can also be donated if they are in good condition and in high demand. If your loved one was passionate about a particular cause, donating their belongings is one way you can keep their legacy alive.
But first – we need to address this:
When someone passes away, their belongings fall into 2 categories
1st category – stuff you and the other heirs want to keep.
2nd category – stuff you and the other heirs don’t want to keep.
I know this sounds obvious, but I want to give a little explanation of how to approach each category.
For those items that you don’t want to keep, I suggest taking a little time and making sure you’re acting rationally and putting emotion aside.
I’m talking really about the assets that have some financial value, because you’re going to be dealing with grief.
You’re going to be dealing with stress and you don’t want to rush into selling off some assets for less than their full value.
On the other hand, assets you want to keep, keep in mind that your relatives, your children, will one day be going through the same process.
People have a hard time letting go of assets that remind them of a loved one. Sometimes, these objects are very personal and hold sentimental value to the owners. Other times, these objects may be valuable and can be sold to make some money.
So think twice about how much you really want to keep it, and how much you want to make them sort through when your time comes.
Estate sales are becoming more popular, but many people don’t know how much to pay the estate sale company. The article will give readers an idea of how to decide on a commission for an estate sale company.
The key is to figure out what someone would charge if they were giving you a quote for the same task.
Estate sale companies charge anywhere from 20% – 50% commission.
An estate sale is a type of sale where one person sells their belongings due to an upcoming move, death, downsizing, or other reasons.
There are three types of sales to choose from: a garage sale, yard sale, or an estate sale.
A garage sale is a more informal event and typically takes place in one’s own home. It can involve items that have been sitting in closets and garages for some time before someone decides to get rid of them.
A yard sale typically takes place outdoors and is generally less formal than an estate sale. It usually involves items that the seller has collected over the years and isn’t interested in keeping anymore such as decorations or furniture.
An estate sale is more formal than either a garage or yard sale because it also includes personal belongings. Often Estate sales would be conducted if you have furniture that can not be moved from room to room (bedroom sets, beds, dining sets) + more valuable antiques – this way you draw the right type of crowd.
The main objective of an estate sale is to make money. You need to make sure that you are pricing your items correctly, tagging them correctly, and selling them the easy way.
How to decide the best type of sale:
– What are your goals for the sale?
– Will it be in a home or in a rented space?
– Do you have enough space for all your items?
– Do you have enough time to prepare?
It is recommended to start pricing items by researching similar items. For instance, if the item is a used car, research other similar cars and what they are selling for. If the item is an antique dresser, research other antique dressers and their selling prices.
Items should be tagged with their selling price. This should be done before any customers enter the sale so that customers do not haggle over prices. Don’t put items on sale until they are individually tagged.
If there are no takers for an item after 30 minutes, it should be priced lower to encourage sales so that it can be sold as soon as possible.
It’s important to figure out your item’s worth. You can do this by checking eBay or other online auction sites for similar items. Your goal should be to sell the item for the same price, and if you can’t (due to availability and popularity) then you should price it lower.
People who come into your yard sale may not know what the prices of items are, so it is important that you tag each one with a sticker with a price written on it. It’s also a good idea to have some kind of system so that people know if they’ve already bought an item or not, since many people will go through multiple rounds of buying things at different prices.We have another article that is specifically focused on a particular piece of sentimental property left behind by the deceased and how to handle it. View it here
Have a great day.