How to resolve estate liquidation conflicts…
The following suggestions for resolving estate liquidation conflicts is in no way an attempt to replace sound legal advice, but is offered as an additional estate liquidation resource.
Everything, all decisions about the estate - from what to do with the house, financial instruments, and personal property is about the answers to the following questions. What did the the decedent want and in the case of someone who has past away without a will, what would the decedent have wanted?
As an executor you are in a rare position, a position of trust, a position of acting on the will and authority of another person.
This post is meant to give some guidelines for how to resolve some of the conflicts that may arise between you as the executor and other heirs in relation to the decedents personal property.
A simple executor guide to resolve estate liquidation conflicts should they occur.
- Read the will and make notes.
- Meet with your attorney, and let them know that you are going to have a family meeting.
- Before the family meeting, compose a letter for each of the heirs asking them to write down 4 principals that they remember as being important to the decedent.
- Ask them to bring their list with them to the family meeting.
- After everyone has read their list, establish and remark about any common ground.
- It is likely that there will be some commonality and agreement on what were the principals of the decedent.
- As the discussion unfolds about what to do with the personal affects of the estate, refer as much as possible to the agreed upon principals of the decedent.
- One way to prevent a free for all atmosphere is to ask each heir to use the following question as a guide for choosing items from the estate: What’s important to keep and what’s OK to let go of?
- Decide if the decedents principals can be aligned with what ever liquidations options are available to the family.
- Your choices for what to do with the remaining personal property are fairly clear, and are narrowed by the geographical area where the estate resides and the temperament of the family - guided by the decedents principals, and are as follows: Estate Sale, Auction, Charity.
For a list of questions to ask an estate liquidator go here
My name is Martin Codina and I am an estate liquidator who cares…
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