After someone passes, the Executor works on dividing the assets. Dividing assets is easy if they are liquid assets like bank or stock accounts. But what do you do with odd personal effects or all the “little stuff” in a home? More unique or specialty items, like artwork, wine cellars, boats, jet skis, planes, hobby items (such as woodworking equipment, specialized sports equipment, knitting, scrapbooking, etc.) probably require a formal valuation. Sometimes these items will have an insurance policy which can make valuation easier, but oftentimes the Executor is left to determine the value of items remaining in the home. Hiring a company that determines the value and assists in the sale can be extremely helpful. For more common items, the value may not be as much of a concern as sheer volume. What do you do with a house full of stuff? Some of the items are sentimental and family members may wish to have them, but much of it was only meaningful to the dearly departed. What do you do when you’re faced with a house full of stuff?
Many Executors opt for an Estate sale where any remaining property not claimed by beneficiaries is sold like a garage sale or yard sale. Estate sales can be great ways to bring in some money for the estate to redistribute among the beneficiaries while clearing out a home so it can be sold. Unfortunately, estate sales generally require a lot of time and work. First, all items in the home must be categorized and valued. While the value of common items can be valued as the Executor sees fit (unlike the specialty items we previously discussed), the time needed to go through each porcelain figurine, glass, cup, plate, etc. can be overwhelming. After each item is priced, they must be grouped and put on tables with other like items for people to look through with ease. Too cluttered and it will look like junk that no one wants to buy, but too sparse and you won’t be able to get everything out to sell. The next step is getting ready for the sale through advertising. Social media is an effective tool for estate sales, but don’t overlook the significance of newspapers and local ads. Good photographs can draw crowds in, while poor photography can make the items look like clutter and keep people away.
For the day of the sale, the home must be clean and all items set out on tables, with each item having a price tag. Do not underestimate the importance of having enough people to handle the sale. One person cannot answer every question, bargain over each item, process sales, and keep track of funds and items sold. Estate sales can last one day, or stretch over a few weeks depending on the number of items and the success of the first day.
Finally, the Executor must face what happens with the items that simply will not sell. If no family member or beneficiary wants the remaining property, donate anything left over. Some charities will come to the house to get items, like the American Kidney Fund, Salvation Army, or Habitat for Humanity. Each charity is different, so make sure you look at each organization’s scheduling requirements and which items they will or will not accept.
If all of the steps above sound like a lot of work, it is. Another option for an Executor is to hire a company that manages estate sales. Often these companies are “one-stop shops” who will value unique items (from cars to airplanes, to arcade games, to the house and land itself), organize and arrange the estate sale for all items, advertise and run/staff the actual sale, and then arrange for the donation of any remaining items. Estate sale companies, like all companies, range from those who handle small estates to luxury estates. While there is a commission for these companies to manage the estate sale, for a busy Executor, getting some quotes may be worth the time and energy saved.
Some local companies include Peachtree Battle Estate Sales & Liquidations, A Crazy Love Estate Liquidations, Yellow Bird Estate Sales, and Bullseye Auction & Appraisal.
If you are the executor of an estate and need assistance probating the estate in Georgia, contact Grissom Law, LLC at 678.781.9230 to schedule an appointment to discuss your needs.
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