Most people are not familiar with estate liquidation but it is something that many people experience at least once in this life. You might not need this service now but in future, you may need it, so it’s important to learn what it means and entails.
Understanding the why’s and how’s of estate liquidation is vital to know what part you need to play and what part the experts you hire should do.
What are the reasons for liquidation?
There are many known reasons why people undergo the estate liquidation process. Some of these reasons include:
- When a loved one passes away – Most people do not get a chance to clear their home before they pass away. As their child or parent or relative, you might need to do an estate liquidation to deal with the physical possessions they have left behind. If there is no will to clearly state what should be done to the possessions, then a liquidation would be helpful.
- When getting a divorce – Couples who go through divorce usually opt to liquidate their estate so as to divide the proceeds between them. This is easier than deciding who gets to keep what as that mostly brings wrangles.
- When moving to another state – If you are relocating permanently to another state or across another country, you might want to liquate your assets to help you get rid of what you cannot take with you. This is a great process to earn you something from the liquidation that will help you start living on the other side of the world.
- When you want to downsize your life – Downsizing your life and moving into a smaller home that is easier and cheaper to maintain also attracts liquidation. Using the estate liquidation services will help you do it faster and in a more efficient way.
- When relocating to a senior home – When your old parents are moving to a senior nursing home, they will not be able to take much with them and you can suggest estate liquidation from experts like the Toronto Estate sales to help them dispose of the things they no longer need.
What are the right steps to follow in estate liquidation process?
Though different companies have different policies, they mostly follow the process below.
- Conducting a free consultation to understand your estate needs and find out how best they can serve you
- Creating a contract that, if satisfactory for both parties, is signed by both you and the liquidation company.
- Cleaning and sorting out your belongings as well as displaying them in a way that makes your home and the items attractive and inviting. Before you do this, you ought to have gone through all the items with your family and selected things you want to keep.
- Research the appropriate prices for your belongings and put price tags.
- Advertise the sale through email marketing or other means of advertisement to ensure people know about them so they can show up on the day of the sale.
- The estate liquidation company of your choice will manage the estate sale and arrange for charitable items if any to be picked up by the charity of your choice.
- In some cases, the house may be going up for sale as well and the company will oversee the sale and hand over all the money made from the sales.
