Previously published on WorthPoint.com
It’s fun to think of estates as being filled with hidden treasures, waiting to be discovered and cashed in for Big Bucks. Hardly a week goes by without a news report of a naive estate shopper finding a rare painting, tool, coin or other collectible. The hard truth is that estate personal property consists mostly of run-of-the-mill consumer goods, well-worn and sometimes musty smelling. Some estate personal property is just downright hard to dispose of: used medical equipment, old computers and accessories, solvents and paints, and obsessive collections. Executors, faced with disposing of these items (and justifying their decisions to the decedent’s family), are often hard-pressed to find solutions.
Let’s see if there aren’t some solutions to these estate disposal complications.
I always cringe whenever estate executors call me to set an inspection and say: “…and there’s a huge collection of…” Usually, these “huge collections” turn out to be a decedent’s “huge obsession” instead. The decedent collected for the sake of collecting, with no thought given to the rarity or quality of the individual items. For executors, such collections can be a headache.
For example: one executor told me that the estate had a “huge collection of antique radios and old magazines.” What did I find? Every room of the decedent’s house was stacked floor-to-ceiling with old radios and magazines. There were paths from the front door to the back door, the kitchen and the bathroom but no room at all to deviate from the path. Read More
Originally posted 2013-10-01 19:02:00.