The decision has been made. Mom and Dad are going to a smaller place with less upkeep. Now the question is, what do you do with the rest of their things?
When it is time to liquidate an estate or assist with a downsizing, I have found each and every situation to be unique. If there is one common denominator, it is the feeling of being overwhelmed. The task before you looks to be insurmountable and as you stand amidst decades of accumulation you have no idea where to start.
This responsibility of handling an estate is an huge task. Emotions run high, nerves are frayed and you are most likely exhausted. In this state of mind it is difficult to stay focused and keep organized. Many families find it helpful to seek the services of a trained liquidator that can simplify the details and help them set a plan in motion.
This is a multi-layer project that I like to break down into 5 basic steps:
Step 1 — Go through the home and remove all of the personal papers, photos, documents, and so on. With the exception of documents that you need in the immediate future, I suggest that sorting wait until later. As you go through file cabinets and desk drawers, separate the contents into two categories: paperwork and photos. These can be stored in plastic tubs, labeled and moved to a secure location to be gone through after life returns to normal.
Step 2 — It is very important to make certain that all of the items that are to go to family are removed from the home. Sometimes specific items have been earmarked, in other cases you have may have no guideline at all. Gather the family together to see who wants what. Make a list of those items and, if in doubt of their value, have a professional appraiser make you an inventory with fair market values, so things are divided fairly. These items should then be removed from the property.
Step 3 — Select a company to liquidate the remaining items in the home that are of value. This can be done by means of an on-site estate tag sale or by using an on-site or off-site auction. Some families enjoy on on-site sale experience, while others find it intrusive and prefer to have the items to be sold removed from the home. Whichever you prefer, the goal here is to get the best money for your items and to get as many of them sold as possible. Beware of those who want to “cherry pick” the home, purchasing only the valuables and leaving you with items that no one will take. It is always best to keep the household intact.
Step 4 — You are now left with items to donate and those that will need to be disposed of. Start with donations. While there are many charities that are glad to take your items, they have different methods of doing this. Ask questions. Will they come into the home to remove large items or will you need to take them outside? Do they pick up, or do you have to drop the items off? What will they take, and what items are not qualified for donation?
Step 5 — There is usually some clean up of items that could not be sold or donated. There are a number of reputable “clean out” services in our area, or for small jobs, I recommend taking full advantage of heavy trash pick up.
The downsizing experience is a bittersweet time for many of us. Take your time, seek professional help when needed, and involve as many of the family members as possible. Until next time . . . Linda
Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and may be reached at 317-258-7835 or lkennett@indy.rr.com