When a loved one dies, figuring out what to do with all of that person’s possessions is probably not the first thing on your mind. However, it is a task that you will eventually need to tackle. These are three of the ways you can liquidate an estate.
1. Sell the Items at an Auction
Auctions differ from sales in that instead of setting a price on everything and then haggling with buyers, interested buyers place bids on items, which are eventually sold to the highest bidder. Auctions can be a good option if you are not sure how to price the items you want to sell. You will need to hire an auction company, such as Arizona online auctions, which will usually cost you between 10 and 30 percent of the proceeds from the sale.
2. Have an Estate Sale
In some ways, an estate sale is a lot like a very large garage sale. However, there is a lot more involved in the planning process. If the estate is not particularly large or valuable, you may be able to conduct the sale yourself. However, it can be a good idea to hire a professional to assist you. An estate sale professional will usually work for a percentage of the total amount collected in the sale.
3. Donate it to Charity
If you do not need the money, or simply prefer to be generous, you can donate some or all of the estate to a charity. Some organizations may be willing to come pick up the items from your location. Make sure you get a receipt for tax purposes.
Disposing of the things left behind when a loved one dies is one of the unpleasant realities that come with death. These three methods of liquidating an estate can help you get started on the process.