One of the responsibilities that you'll face when you're the executor of someone's estate is deciding what to do with the person's assets. Generally, the person's last will and testament will outline his or her wishes regarding financial and other assets, but the reality is that you'll have a number of other possessions that you need to deal with. Giving family members and close friends the ability to select certain items that they want can help to narrow down the number of items, but you'll likely still have a large job when it comes to getting rid of them. Many people hold estate sales — essentially, a large sale in which everything in the house is available. Here are some pros and cons of this idea.
Pro: Ability To Sell Things Quickly
Compared to selling individual items online, which can take a lot of time and effort, an estate sale is ideal because it allows you to sell things quickly. A one-day estate sale can be a whirlwind of activity, but most of the items of any value will be gone at the end of the day — making your job of cleaning out the house much easier. You can then take the financial proceeds of the estate sale and divide them among the beneficiaries.
Con: There Can Be A Cost
While it's possible for you to run your own estate sale, many people don't take this approach. Instead, executors frequently hire local auction houses to deal with the sale. Having an auctioneer sell the items can be beneficial for lots of reasons, but you need to remember that the auction house will take a percentage of everything made during the sale. If you don't like this idea, involving an auction house won't be something to consider.
Pro: You May Earn More Than Expected
Faced with the difficult prospect of selling the items through the online classifieds yourself, you might instead opt to donate a lot of the household items. However, when you decide to run an estate sale, you might be surprised by how much you can earn. Even items with little value can add up quickly, and you could have a significant amount of money to divide among the beneficiaries at the conclusion of the sale.
Con: It Can Be Emotionally Difficult
There's no getting around the fact that an estate sale can be emotionally difficult, especially if you were very close with the person who has passed away. For example, if you're serving as the executor for your parent's estate, the idea of having his or her household items — the bulk of which you recognize — on display while strangers visit the property or even walk through the home can be difficult to witness.
For more information, contact a company like Skeen Law Offices.