Settling Estates & How Auctioneers Can Help

Settling Estates & How Auctioneers Can Help

If you’ve been named an executor or executrix you’ve likely experienced OR will experience the overwhelming task of settling a loved one’s estate. Most often it requires dispersing a friend or family members lifetime collection of possessions in a relatively quick time frame. Many families often believe auctioneers only assist families on sales day, however, the right auctioneer can be very helpful throughout the whole process.  Here’s a quick guideline to the daunting process of settling an estate:

Find the Will, Make Copies & File w/ the Local Probate.

Unfortunately, some people pass without a will. If there’s not a will on record your loved one passed in what’s called ‘intestate’ and the estate will be settled by the state. If you have a will you must, by law, file the original copy with the Probate Court. While auctioneers are not attorneys and cannot give legal advice, most tenured auctioneers are well educated in estate settlement & can be extremely beneficial in helping you start the process.

Inventory & Appraisals

The daunting task of inventory can be overwhelming but is required by the court. You’ll need to document all valuables & note what you think they may be worth. Auctioneers are educated in how to accurately inventory items in an estate, as well as, help provide reliable information in what items may be worth. Auctioneers work very closely with specialized appraisers & can help coordinate appraisals on unique collectibles.

Review Titles & Deeds

Before you can sell real estate, vehicles etc. it's critical the executor review important documents like titles & deeds. Auctioneers work closely with family members to locate & review important documents to ensure assets can be legally sold. While an auctioneer is not an attorney, they are well versed in real estate law & can determine a course of action needed to sell property with a clean & clear title.  It’s not uncommon for families to find unknown relatives or unknown restrictions on real estate deeds that require legal attention before the property can be sold.

Sell & Distribute

Sales Day. Once all necessary preliminary work has been completed its time to pick your sales day! Your auctioneer and his/her team will sell your assets in one day & provide a detailed report of all inventory items & their purchase price. These documents are then used by the court and shared with all beneficiaries before assets are distributed.

Have Questions? Feel free to call our main office and ask to speak to an auctioneer at 615-896-4600.