Personal representatives or executors have a lot on their plates after someone dies. They must locate and submit a will to the probate courts for authentication or validate that no written estate plan exists. They need to identify heirs or beneficiaries, communicate with creditors and manage tax obligations.
In some cases, fulfilling financial duties requires the liquidation of an estate’s assets. Other times, the instructions left by the decedent may require an estate sale. Ensuring that the sale of key resources does not result in a loss requires appropriately valuing priority resources from the estate.
What does that process entail?
Some assets require professional insight
Some assets, such as vehicles, are relatively easy to value. Inputting information on a trustworthy website can help people estimate the resale value of a vehicle based on its mileage and condition. Resale marketplaces online can provide an idea about the value of various personal possessions. People can infer the fair market value of assets based on how other people value similar assets.
Other resources can be much more difficult to value. Real estate, businesses and other especially valuable resources may require the insight of a professional. A collection of art or wine could hide hidden treasures that could net the estate a substantial amount when sold for an appropriate value.
Ensuring that the sale price of key resources is appropriate helps maximize what beneficiaries inherit and makes it easier for personal representatives to justify their financial decisions. An attorney can help personal representatives manage the various obligations inherent in estate administration, including valuing and selling assets.