The organized approach to handling an estate

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Published Date 11/20/2024

Admittedly, this is not a fun topic. But sometimes life hands us tasks that feel like double-whammies — like losing a loved one and then having to deal with that loved one’s possessions.

Realtor.com’s Adriana Velez goes over the most important points, such as selling a house and sorting through property or possessions left behind—especially if no will was left to guide you. “Given this is a hard time, it’s understandable that many people in this situation make mistakes. In an effort to get you through this process with minimal pain and suffering. Of course, if property is involved, meet with an agent ASAP. As for the rest?

Estate sale experts warn against sorting through items piece by piece, as this can lead to spending hours on a single drawer. Instead, use four boxes labeled for personal correspondence, photographs, medical papers, and legal documents. “Go through the house collecting just these categories first - this removes critical items that you can sort through later,” says Velez.

She also warns you to be careful not to undervalue unfamiliar items. Some fishing flies can be worth tens of thousands of dollars. Consult an appraiser to identify rare or valuable items. Conversely, don't overvalue items just because you like them. A vintage Miriam Haskell rhinestone brooch might sell for hundreds while similar unsigned pieces only fetch $35-$50.

Don't skip the attic and basement - they often contain the most valuable items. Velez tells of how a client's mother had left a 17th-century Korean bodhisattva statue in the attic that sold for $47,000.

While friends who love vintage items might offer to help sort through the estate for free, this can be risky unless they're experts. Most estate sale companies offer free consultations, so use their expertise.

Consider selling to collectors rather than dealers, says Velez. “Dealers need to make a profit, while collectors who simply want the item will often pay more. This applies to jewelry, coins, stamps, and other collectibles.”

Regarding debts, in the U.S., family members typically aren't responsible for the deceased's debts - these should be paid from the estate. However, you may be responsible if you co-signed obligations, are a spouse, or are legally responsible for handling the estate. Follow up on any debts proactively and consider consulting a lawyer or your state attorney general's office if needed.

Realtor,TBWS

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All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

Darren Orshoff is a Marketing and Real Estate professional, licensed Realtor with the California Department of Real Estate DRE#01803671 with WSR Real Estate DRE#01977642.  Darren is also a Certified Mortgage Planner, A Certified Financial Literacy Coach, A Dave Ramsey Trained Financial Coach, A Certified Mortgage Advisor, and while Darren is licensed by the NMLS, he is not originating loans but refers lending transactions to Golden Empire Mortgage, Inc. ("GEM") [NMLS ID No. 2427] licensed by the Department of Financial Protection and Innovation pursuant to the California Residential Mortgage Lending Act, for which he represents as the Corporate Marketing Coordinator.

Darren Orshoff

Realtor, Marketing Guru, Sushi Lover, Dad, Ham

License: CalDRE#01803671

The Key To Your Home!™ at WSR

6736 Palm Avenue, Riverside CA

Office: 951-468-8326

Cell: 951-323-2119

Email: darren@darrenorshoff.com

Web: http://sellriverside.com