While your parent may have an estate plan that covers the big financial concerns of who gets an inheritance and what happens to the house, what about all the personal property that has accumulated over the years? There isn’t always clear guidance about what should happen to the kitchen appliances, the furniture, photo albums and all the other stuff that we all have. If you’re feeling overwhelmed by the accumulated possessions your parent has left behind, there are some practical steps you can take to help you deal with the situation.
- Tip 1: Don’t procrastinate. While you shouldn’t make a mad rush to dispose of all the personal property, you shouldn’t let the issue wait for too long. The longer it remains, the more costs you’ll incur and the more stress it will cause.
- Tip 2: Use care with heirlooms. Some of the simplest, mundane property can lead to conflicts between family members, so it’s important to hand out heirlooms with care. Talk with your siblings about who wants what and try to accommodate everyone’s wishes.
- Tip 3: Get help. If you’re a long way away from the home or don’t have the time, you can often hire an estate liquidation company or similar service to help you. These companies will set up an estate sale and take a percentage of the sale as payment. You may also be able to hire an auctioneer or appraiser to dispose of more valuable items.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- Income Tax Basis - October 30, 2019
- Inheritance Planning: Consider the Recipients - October 23, 2019
- Use Trust Protectors for Added Protection and Flexibility - October 23, 2019