Four Reasons To Schedule An Estate Sale For After Your Passing

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Five years ago, my husband and I flipped our first house. That project was one of the biggest learning experiences of my life. We had to find our way through a complicated project without losing the money that we had invested. One thing that we learned about was getting appraisals done on properties. Unfortunately, we had to learn this lesson the hard way. We didn't have an appraisal done before we started the renovation and when we finished, the value of the home didn't increase enough to give us the profit we wanted. Since then, we learned what projects will boost the value during an appraisal and what won't.

Four Reasons To Schedule An Estate Sale For After Your Passing

17 November 2016
 Categories: , Blog

If you have no heirs, or if you have no worthy heirs who you want to pass on the majority of your earthly possessions to, you can sell your things posthumously. To do so, you must first arrange with your lawyer your intentions of a post-death estate sale, and then have him/her execute the order to sell off all of the possessions listed. Here are four other reasons why you may schedule an estate sale for just after your death.

You Know You Will Have Quite a Lot of Debt to Resolve

Estate and will planning and legal fees aside, some people decide to schedule a post-death estate sale because they know they will have a lot of debt that will need to be resolved. They make plans in advance to sell off everything and pay their debtors so that their children and/or spouse do not have to. It also helps pay the legal fees to the estate lawyer(s), who will do everything possible to make sure everything is sold for maximum value.

You Do Not Want Your Family to Spend Years Fighting Over Everything

When there is a great deal of concern that your family will fight over everything you leave behind, you can get ahead of that now by letting them know you are selling everything after your death. They may still try to contest your will to get the items they want, but they will be less likely to fight each other or fight for things that will be sold within thirty days of your passing. Leaving them with nothing to fight over means they cannot create familial rifts that could affect the family for a few generations.

You Want to Spare Everyone the Inheritance Tax

In many states there is this little thing called an "inheritance tax." Usually it is reserved for monetary assets only, but it may be assessed to real estate property as well as big-ticket possessions (e.g., art, yachts, things of value that are easily appraised). You may decide that you do not want to burden any of your friends and family with such a tax, so you can arrange to sell off everything after you are gone.

You Want to Prevent Government Seizure

Most people with large estates and assets make a will to prevent government seizure of their assets, estates, and property. You can also sell everything off so that there is no possible way the government can seize anything after the fact. It is one sure-fire way to prevent anyone and everyone from taking stuff that does not belong to them and preventing them from trying to get it after you are gone.

For more information on estate sales, contact a company like Best Rate Cleanouts.