Whether you're facing financial woes or you have a parent or loved one who has passed away, it's time to decide what to do with any available assets. Often the first place to explore is an existing estate. An estate generally includes an individual's money and personal property that has no lien. Liquidating or selling these assets is a way to acquire monetary funds to then pay off other debt or reimburse other financial obligations. It can be a complicated matter, so seeking legal advice is strongly recommended. Here, we explore some reasons why you would wish to liquidate an estate.
Upon the Death of a Loved One
Did a parent or other family member make you an heir to their estate? If so and they have just passed away, it's up to you to contact their attorney to have a reading of the will. From there, you or someone else may be made an administrator. If there is any sort of debt that the deceased owed or there are final expenses to be paid, liquidating the estate may be an option. Once everything is sold, the money will be distributed and allocated to the appropriate parties accordingly through the will or a probate judge.
When You Have Too Much Debt
Another reason to use estate liquidation services is if you're facing mounting debt or you have creditors seeking a judgment against you. If you cant pay off your debt, you'll have to start selling off personal property and assets. Things like expensive jewelry, artwork, stamp collections, antiques and lien-free vehicles with a high resale value may be considered. If you have a lot of debt and you want to avoid collections or bankruptcy, you can have your estate liquidated and use those funds to pay off creditors.
Downsizing After Retirement
Have a lakeside cabin or second home you never use? If that property as well as what's inside it is paid off with no outstanding liens, you can sell it and use that money to put toward retirement expenses. Estate liquidation companies can come in and start determining what has good resale value. From there, a property appraisal will be done. After the sale, minus the fees, you will receive your cut.
Boosting Your Emergency Fund
If you've faced an unexpected emergency or you need to help pay for college or another large expense, you'll want cash fast. One option is to liquidate part of your estate. Call in the pros from a professional liquidation service to handle the process and decipher between what should sell and what may not. If you have valuables or collectibles, the monies from the sale can be used to put into your savings account.
Liquidating assets is not necessarily taking a financial loss — it can actually be considered a gain. Being able to get cash for what you no longer need is a long-term benefit.
For more information, contact a resource like Remember When Estate Sales, LLC.Share
26 November 2019
Hello, I’m here to talk to you about small business finances. My name is Neil. Welcome to my site. When I started my small business, I was unable to keep my finances straight. The process of calculating my profits and losses took more effort than I ever thought it would. I was confusing many of my receipts between jobs at first. Luckily, I started utilizing an accounting system that helped me keep my small business finances organized. I hope to help other people make sense of their finances as their company grows. Please continue visiting my site to learn more.