When a parent dies, handling the personal effects that have accumulated over a lifetime is often one of the more mundane, and potentially troublesome, aspects of settling the parent?s estate. Apart from the financial issues involved in probate or managing any trusts, the personal property a parent leaves behind is often extensive and not always completely addressed in the estate plan. Here are some practical tips you can use to help expedite the process and make it go as smoothly as possible.
Tip 1: Manage financial responsibilities quickly. Your parent has probably left behind utility bills, credit cards, and other financial obligations. Find these quickly and pay any bills to avoid late fees. Check with your estate planning attorney or the estate executor on how to do this properly.
Tip 2: Distribute personal items quickly. The sooner you decide who gets the family photo albums or the china collection, the better it will be for everyone. Hand out the sentimentally valuable property to family members quickly so there are no conflicts. Once the important property is gone you can dispose of the rest.
Tip 3: Get help. If there is too much to handle, consider hiring an estate liquidation company or auction house to run an estate sale. These companies will charge for their services but they can tackle a problem that may seem to big for you to handle alone.
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
Tags: Estate Planning, Financial Planning
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Source: http://www.cheryldavid.com/blog/estate-planning/practical-tips-disposing-parents-personal-property/
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