Five Elements of Preparing for a Profitable Estate Sale

Estate Sale

Estate sales can be challenging endeavors. If you are facing the prospect of planning and undertaking an estate sale, you undoubtedly have an array of questions and concerns. In anticipation of an estate sale, these questions and concerns tend to be magnified because you necessarily are needing to pursue this type of project in the aftermath of the death of a family member or other loved.

 

Understanding the unique challenge you face in anticipation of an estate sale, there are some specific elements of the overall process you are well served to better understand. These include a series of five interconnected elements that comprise the process of planning, preparing, and pursuing an estate sale, as are discussed in detail in the Definitive Guide to Plan and Execute a Lucrative Estate Sale.

 

The Probate Process and Authority to Conduct an Estate Sale

 

The preliminary step in mounting an estate sale involves the legalities of the probate process itself. The specific facts and circumstances surrounding the estate of the deceased individual governs how the probate law in a particular state will apply. Detailed attention is paid to the legalities of an estate sale to ensure that you have a clear understanding of what generally is involved.

 

Every state in the U.S. has its own set of probate laws. With that noted, probate laws in nearly all states are quite similar. Indeed, most states have adopted what is known as the Uniform Probate Code, or some derivation of it.

 

As mentioned a moment ago, the probate legalities and process needed to be addressed in advance of planning an estate sale stem from the nature and extent of the deceased person’s estate. The initial consideration in this regard is whether or not a deceased individual had a last will and testament.

 

If a will exists, its terms and conditions generally govern the course of the probate process. There are two primary purpose of a will. First, a will directs how the assets of an estate are to be distributed and who is to receive what. Second, a well designates what is known as an executor. An executor vested with the responsibility and power to carry out the directives in the will. The executor is the person responsible for seeing that a probate sale is carried out, if necessary.

 

If the deceased individual died without a will, the assets of an estate are distributed in the manner set forth by a state’s probate code. The probate court appoints an administrator or personal representative to oversee the affairs of the estate.

 

There are instances in which an informal probate process can be utilized. This occurs in a situation in which an estate has a smaller amount of assets. This type of process necessitates little involvement of the probate court.

 

There are estates that require a formal, or “full-blown,” probate process. In such a situation, the probate court will be more directly involved in the case. For example, there will be at least one court hearing, if not more, before the planning for an estate sale can occur.

 

Strategically Organize Personal Property

 

Once legal niceties have been addressed, personal property of the deceased needs to be organized and categorized to identify what items will be part of an estate sale.

 

The Definitive Guide to Plan and Execute a Lucrative Estate Sale identifies five categories into which a deceased person’s property is to be categorized as part of the process of preparing for an estate sale:

  • Items to keep
  • Items to store
  • Items to donate
  • Items throw away
  • Items to sell

Engage Professional Assistance

 

Beyond retaining a probate attorney, the need may exist to hire other experienced professionals to assist with an estate sale. For example, a professional service may be needed to provide a dumpster and to remove items that are designated for disposal in the organizational process. Depending on the type of estate sale planned, a professional auctioneer may be required. There are even concierges that can assist with the planning, preparation, and execution of an estate sale.

 

Managing the Actual Estate Sale

 

In addition to tending to legal matters and identifying property that will be sold at an estate sale, the sale itself requires thoughtful, coordinated management. This includes everything from promoting an estate sale to providing assistance to those individuals who elect to participate in the estate sale as buyers.

 

Accounting for the Proceeds from an Estate Sale

 

Whether or not a formal probate process is required, there must be an accurate and thorough accounting of estate sales process. In a formally probated case, the court must have this information. In an informal situation, heirs of an estate are entitled to this information. The accounting obligation underscores the need for a complete, comprehensive, and accurate inventory of personal property in the estate.

 

By paying attention to these five elements associate with estate sale planning and execution, the process itself will be smoother. Tending to these matters best ensures that all legalities associated with the probate of an estate are fully met.

Increase the Value of Your Home with New Windows

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If you are interested in finding ways in which you can effectively increase the value of your home, you are not alone. One of the surest steps you can take to increase the market value of your residence is to add new windows to your home. There are a number ways in which the addition of new windows to your home increases market value.

 

If you’ve not immediate plans to sell your residence, you may not be immediately concerned with the idea of increasing the property value of your residence. If you are beginning to formulate plans to put your home up for sale, increasing its market value if imperative.

 

The Balancing Act

 

The underlying dilemma of effectively increasing the market value of your residence is balancing what you spend for an improvement against the actual increase in the value. Unfortunately, what happens in many instances is that a homeowner makes an investment in improving some aspect of the property. He or she spends money to accomplish this objective. There is a bump in the value of the property. Unfortunately, the increase in value of the home is less than what is expended by the homeowner in making a repair or improvement.

 

Over time, the improvement may contribute to ongoing increase in the value of a residence. However, that is not helpful if the plan is to place the residence up for sale in the more immediate future.

 

Longevity

 

A key way in which the addition of new windows adds value to your home is found in longevity. Properly designed and crafted, installed, and maintained windows can last for a significant amount of time. In fact, high quality windows are capable of lasting the lifetime of the home, provided there is not some damage done to them. As a consequence, the longevity of new windows is a factor that contributes directly to the enhancement in value of the property following installation.

 

Portable Warranty

 

If you are contemplating adding windows to your residence as a means of increasing property value, the warranty associated with the new windows very well may prove to be a valuable asset as well. In today’s world, a warranty on many newly installed windows follows the home. A warranty is portable. What this means is that the buyer of your home will be able to take advantage of the warranty in the same manner as you would have been able to do if you retained ownership of the residence.

 

There is one important caveat that you must bear in mind. If you are an avid do it yourself enthusiast, you cannot take on the task of installing windows with a warranty on your own. The bottom line is that the warranty associated with windows oftentimes is cancelled if the installation is not undertaken by an approved contractor. In other words, if you install these new windows yourself, you void the warranty.

 

Energy Efficiency

 

Yet another reason why new windows will improve the market value of your home is energy efficiency. In this day and age, replacement residential windows are designed enhance energy efficiency in the property. In point of fact, the amount of money saved through the installation of new windows, when contrasted with costs associated with the old ones, results in the new windows paying for themselves over time because of lesser money being spent on energy.

 

Curb Appeal

 

Curb appeal nearly always is improved when new windows are installed at a residence. The fact is that many new windows today are nicely designed. They are designed in a manner so that many models of new windows are suitable for a wide variety of different types of architectural schemes.

 

Style. Newer pretty much always means more value, especially when it comes to new and impressive styles. Windows have changed a lot in recent decades, and out-of-date windows are easy to spot. Your home dramatically increases in curb appeal and modernization with the addition of new and well-designed windows.

 

In the final analysis, in some cases, depending on where you reside and the type of windows you end up having installed, immediately after installation, the increase in value for the residence as a whole is an amount equal to 95 percent of the cost of the windows. The remaining 5 percent is made up not long after that.

 

This is not a guaranteed return on the windows investment. As noted before, the payback on the increase in residential value can take a longer time to occur. Nonetheless, there are plenty of examples in which the market value improvement was been swift.

 

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Jessica Kane is a professional blogger who writes for Scaffold Store, the favorite and trusted scaffold supplier of the largest contractors.