If you are a Trustee (aka an Executor) for an estate you have a fiduciary duty to that estate to do your best to follow the will. Paid or not, your responsibilty is not to be taken lightly.
Typically if they owned real property probate will need to be done. Probate valuation of the personal property will also be needed in most cases. (Note: I am a Certified Personal Property Appraiser and a member in good standing. See www.cppag.com and forthcoming blog entry for more information.)
Typically the Will requests that all items are to be sold and the funds split between the heirs, or in some cases items are to be given to certain people and the rest sold.
Now, how do you sell them?
Lets say you're a working person, with a family. Time is an issue.
Let's say the the possessions of the deceased are foreign to you. Insight is an issue.
Auction is in many cases the route choosen for the contents of the home but why not everything?
Everyday and Only at Auction Real and Personal property are sold on behalf of estates. Where it works to the upmost of the Trustee is:
- By selling the items in a competitive environment, realizing Market Value, you are fufilling your fiduciary duty.
If you sell the house in a day, to the neighbour, without advertising, did you do your best for the estate? If you sell the car to the first guy walking up the driveway with an offer, did you try your best?
Alternately, if you were busy and the car continued to collect dust in the garage or the condition started to be affected adversly by sitting there, not driven for months because you couldn't put the attention needed towards it.
This could be said for the house as well. Not to mention security and insurance issues.
By using the Auction method of marketing, the market is being notified of forthcoming sale of the items, whatever the are. The internet, print media, door to door, large attention getting signs on the property are some examples of the marketing done.
Settlement is done in a timely manner. You, and the family can move on.
If you would like to add to this or ask me for further information please call me at 735-2525 or toll free 1-877-636-5399 or e-mail shawn@LeClairRealty.com
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