Liquidating a relative’s estate is one of the most personal ordeals, yet it is becoming increasingly common, people in the industry say. As the population ages, the estate sale business is booming.
Estate administrators and those who inherit estates can take advantage of an estate sale to get rid of tangible property that is not wanted.
The New York Times recently published an article titled "Managing Estate Sales Becomes Big Business" which documents this interesting trend.
However, elderly people can take advantage of this trend as well.
If a couple is looking to retire either to another state or a retirement home, they can sell their estate before it becomes an estate. The proceeds of the estate sale can be used for living expenses or even made a part of an estate plan. It becomes a way of disposing of your estate before your heirs have to do it.
Of course, you may not want to include all of your possessions in an estate sale. Valuable heirlooms and other items of value should be handled differently in your estate plan.
An estate sale is just one way of helping to manage things. It is not a substitute for a complete estate plan and, for that, you should engage the services of an experienced estate planning attorney.
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Reference: New York Times (March 11, 2015) "Managing Estate Sales Becomes Big Business."