Handling an Inherited Estate
In this business we have seen clients come in with something that they have inherited, such as a piece of jewelry that wasn’t quite their taste, or a coin collection that they didn’t have room for.
Many clients are surprised by the value of these items and some have mentioned that selling these items allowed them to put the money toward something they really needed, almost as if their loved ones are still looking out for them.
Liquidating the property of a loved after they have passed on is never an easy task.
It can be incredibly emotional and overwhelming when dealing with grief as well as trying to find the best avenue to take when parting with real estate and valuables.
Planning in advance is a great way to avoid a lot of the hardships involved in determining who decides what should be distributed amongst family members and what makes more sense to sell or dispose of.
With the help of a lawyer, you can set up an RLT, or revocable living trust, which allows the original owner to have control of their possessions while they are living.
Once they have passed away the designated relatives will have the authority of decision making for all property and valuables.
Another option is to have a will prepared, which can specifically list items and state what is to be done with them after the owner passes away.
In many cases, families will talk it over in advance and decide who becomes the owners of which items.
However, that still leaves the task of selling the property (if the deceased owned their home) and emptying out the contents that were not claimed by relatives.
Unwanted items may not have sentimental value, but they could have monetary value, which means selling them outright may be the best option.
This can include anything from jewelry, gold, silver flatware, tea sets, coins, art glass, fine art, and many other collectibles.
It would be in your best interest to contact a professional dealer/estate buyer that can offer an appraisal on all valuables and potentially offer you a fair, straightforward price for taking them off your hands.
Find an appraiser you are comfortable with who is trustworthy.
There should be no charge for a consultation, nor should the appraiser charge a percentage of the appraised value.
Keep in mind that there are different types of appraisals.
A retail replacement appraisal will be different from a liquidation appraisal or fair market appraisal.
There should be a clear line between the appraisal itself and the offer to purchase the valuables.
Be sure to ask a lot of questions so you can be informed and make educated decisions.
For low value items, such as furniture, boxes of books, clothing and other ordinary belongings, you can either decide to donate them to charity or you can host an estate sale.
Once the contents are cleared out of the home then the experts in general property disposition will be free to move forward.
At Nelson Estate Jewelers, we understand that estates are sensitive and need to be handled with care.
If you are in need of a consultation, please contact us and we will be happy to assist.
We are well equipped to help you with all jewelry, coins, sterling pieces, and many art pieces.
We also have great connections in the estate sale and public auction worlds.
If you are located outside of our region, we will do our best to help you find an honest dealer near you.
