Are you being called upon to liquidate the estate of a loved one? Estate liquidation often occurs following a death and it can be an extremely overwhelming process. Luckily, there are many professionals out there that can take some of the burden off your shoulders. Here are the people you should call if you've found yourself liquidating an estate.
1. Appraisers
An appraisal should almost always be the first step in a liquidation. After all, you want to make sure that you know what everything is worth. An appraiser won't just be able to tell you the monetary value of items but will also often be able to give you some history of the item, which could help you decide whether there are things that you and your family would rather keep. When it's time to hold an estate sale to clear whatever you decide to not keep, contact a professional estate liquidation planner, such as Windsor Galleries.
2. Accountants
A certified public accounting firm will be able to educate you on the ramifications of the estate liquidation for anyone involved who is inheriting either money or goods. The laws of taxation on inheritance can be quite complex and difficult to navigate on your own; the last thing you want is for you or a family member to end up owing unexpected amounts of money on their taxes.
3. Lawyers
A lawyer, especially an estate lawyer, will be able to advise you on the best course of action regarding the estate. They can also make sure that there are no liens on the property and that debts are properly paid off. When you liquidate an estate, you need to pay off outstanding debts before any funds or items can be allocated to those who have inherited them. Occasionally, an estate may actually have more in debt than in assets and that is when the situation can become fairly complicated. Regardless, a lawyer can help.
4. Real Estate Agents
A real estate agent should always be consulted with in the event that there is property to be sold. Whether it is a house or a timeshare, a real estate agent will be able to give you a realistic assessment of the property's likelihood to sell and connect you to an property appraiser. An ordinary appraiser generally doesn't do real estate.
When in doubt, turn to your attorney for additional advice. Your attorney should have a broad overview of the estate liquidation and be able to direct you on the process and the steps that you should take next. Meanwhile, your accountant can give you any direct financial advice regarding any gains.
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