As an estate executor, there are many steps from a person dying to you completing your task. More than that, there are many ways to handle each step.
One major step is working through the estate property to determine its value. While many items may transfer from the deceased to their inheritors, there can be whole houses worth of property with no place to go. Knowing how to appropriately liquidate these items may make the process go smoother.
Decide how to sell estate property
There are plenty of avenues to consider when selling off an estate. This includes online resale platforms, consignment stores or even auctions.
One major option is an estate sale where, much like a garage sale, you host an open house for curious buyers to purchase items from the estate. If this is a complicated affair, it may be wise to consider professional help to organize the sale.
After you exhaust these avenues, you may donate the rest to an organization. You do not receive money for these but still receive an itemized, tax-deductible receipt for your records.
Value and records
Before selling everything and the kitchen sink, it may be wise to have an estimator appraise the estate’s valuables. After you sell things, it is vital to keep receipts of everything to prove you are performing your executor’s duties diligently. Throughout it all, it is important to remain informed about potential taxes like federal estate taxes or capital gains.
While you may be the sole executor of an estate, there are resources available to help you avoid navigating this complex topic alone.