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Tips for Seniors on Estate Liquidations

Dale Smrekar, C.A.G.A.

Downsizing Advisory Service

  1. When a loved one has passed away and you are responsible for liquidating the estate,change the locks on the home immediately to prevent unauthorized entry by other parties.
  2. Secure the valuables, gold, platinum and gemstone jewelry, money, old pocket watches, sterling flatware, etc. in a safe deposit box or other secure location. Never leave valuables in a vacant home.
  3. Look for the money. Many seniors tend to hide money in the home. Sometimes just small amounts, but occasionally very large amounts. Start the search in the bedroom closet by going through the clothes, old purses, shoes, etc. Continue the search throughout the bedroom to include the dressers, between the mattresses, behind paintings, books, etc. Continue the search throughout the house if you find large amounts of hidden money in the bedroom.
  4. Search for documents and important papers including wills, tax returns, purchase documents for house and auto, deeds, asset paperwork, historical documents, letters from famous people and secure these items until the appropriate people (attorney/appraiser/financial advisor) can review them.
  5. Bring in a certified personal property appraiser to review the contents of the estate to identify the items of unusual value. That individual should not be a buyer of antiques as it is a conflict of interest.
  6. If the physical assets of the estate must be appraised for court, tax or division of property purposes, always use a certified personal property appraiser who provides a typewritten market value report and whose report meets the Uniform Standards of Professional Appraisal Practices. All appraisals should be billed on an hourly basis and not on a percentage of value.
  7. If you fear that there will be a fight among heirs of the estate over physical assets, your role in the distribution or sale of such items, get a formal appraisal of the physical assets of the estate completed to protect yourself in case heirs decide to initiate legal action.
  8. When you liquidate the high-end valuables in the estate always hire a professional estate liquidator. That individual should not be an antique dealer, should never buy from their clients and only sells their client’s valuables in the public arena at a regional or national auction house with an internet presence.
  9. Only use estate sale professionals who are not in the antique business and are free from conflicts of interest.
  10. Never use storage units to store the contents of an estate until you decide what to do with them. It is a huge waste of assets.

Dale Smrekar, C.A.G.A. is a professional estate liquidator and a certified personal property appraiser. He is a member of the American Society of Estate Liquidators and Certified Appraisers Guild of America. Dale authors articles on antiques for area publications and provides CEU accredited training for guardians and educational seminars for professionals and community groups. His firm Downsizing Advisory Service is a Better Business Bureau accredited business and is an Angie’s List business. You may contact him at 813-244-4160.