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Estate Sale and Estate Liquidation Process
At some point in our lives, many of us will find ourselves responsible for organizing the estate of a loved one. This can be a very stressful and overwhelming task, especially during an already difficult time.
​Ideally, we would all have our affairs in order before we pass including having a clear Will that outlines our wishes of where we want our belongings to go. However, this is often not the case. When a loved one passes, family members are usually left with the daunting task of organizing and dispersing a wide variety of belongings.
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To help you through this challenging process, Estate Liquidators of Idaho, located in Treasure Valley, ID has made our proprietary step-by-step process available online. We do this to help you decide if this endeavor is something you want to try, or if you want to turn it over to our team of professionals.
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​Important
Please note that our proprietary process is not legal or financial advice. It's important to consult with an accountant and lawyer before you begin the organization and dispersal of an estate.
Step 1. Assess the Situation
The estate liquidation process can feel overwhelming, so it’s important to take a moment to consider everything ahead of you.
The process starts by searching for any lists, paperwork, or instructions your loved one may have left. Look for a Will or Trust that guides you as to how to proceed with at least some of the estate. If the estate has a lawyer, reach out to them for all the information you can get to assist you through this process.
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Make sure to consider if you have any time constraints. Do you need to vacate an apartment or home by a certain date? Do you have other obligations like a job or family that you can't neglect? Understand that even small estates can take months to liquidate, medium to large ones can take well over a year.
Step 2. Survey the Property
Once you’ve gathered all the necessary documentation and have spoken to an attorney, it’s time to survey the property. Go through each room, check every closet and drawer, and document what you find. Take multiple photos of each room capturing all the walls and catogorizing their content.
Documenting everything in its original place will allow you to refer back to it should there be any questions about where an item was located. This method ensures you capture all the information needed for your catalog.
If you are the sole beneficiary, the estate survey can sometimes go a little faster, unfortunately, if there are multiple beneficiaries named in a Will, or there are disagreements as to who gets what items, the survey process needs to be extremely detailed. Should future questions arise about estate assets, this documentation will be crucial in answering any questions.
Step 3 Catalog and Sell the Assets
Once you’ve completed your room-by-room survey, it’s time to start the hard part, cataloging each item. Focus first on cataloging items that are important and valuable. These include collectibles, family heirlooms, vintage clothing, jewelry, artwork, and similar items. Everyday household items, kitchen gadgets, or regular clothing should not be included in the first round of cataloging. ​​
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Here are the steps we take
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Create a Digital List: If the Will contains lists of items designated to go to specific people use it as your starting point. We create electronic database folders named “Gifts” or “Bequests” and document everything that needs to go into them. Next, we locate, tag, and secure those items separately.
We then begin the process of prepping, packaging, and shipping each item to its intended beneficiary. If there are only a few small items, this process can be relatively painless. However, if there are many items, such as cars, boats, or delicate artwork, the prepping and shipping can quickly become a full-time job lasting months.
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Systematic Cataloging: Next we go room by room, cataloging everything systematically. We start at one side of the room and work our way around, cataloging items on each shelf, closet, box, and drawer one by one. Being systematic ensures we don’t miss anything. This process is extremely time-consuming taking several days for a small room, and potentially weeks for a large room, attic, or basement.
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Photograph Items: We take multiple photos of each item and electronically store them in a database, one photo of the overall piece and others of any identifying marks or important details. When valuing an item, the devil is often in the details. As an example, a penny in a coin collection can be worth a penny, or with the correct markings, it could be worth hundreds of dollars when appraised.
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Unique ID Numbers: When going through the cataloging process, we assign every item a unique digital number that corresponds to a physical tag that is placed on the item. Small nonbreakable items are sealed in clear plastic bags with the identification tag being placed on the bag. Fragile items are bubble-wrapped and tagged before being placed in numbered hard-sided waterproof bins.
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This cataloging process is incredibly time-consuming especially when dealing with large collections like coins, stamps, fragile items, or artwork. If there are cars, farm equipment, tools, or even livestock, you can quickly find yourself spinning out of control. At Estate Liquidators of Idaho, we have the experience to handle this situation drawing on our extensive network of experts from multiple fields.
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​Valuation: After cataloging each item, an equally time-consuming activity is valuing them. In some cases, this requires extensive online research while others require appraisals from experts. Valuations can fluctuate significantly with time, a recent example of this is used car prices that skyrocketed after Covid, only to fall significantly a year later. Precious metals are constantly changing, as are collectibles like stamps, guns, and toys. At Estate Liquidators of Idaho, we rely heavily on technology to update our cataloged items and have recently incorporated AI into our business process.
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Disposition: The final step is estate asset disposition (the selling of items). This might seem like the fun part, however, there is a significant amount of work that goes into listing products on eBay, attending live auctions, and holding open houses. With large estates, this open house process may go on for several months until all the property is sold. It's during this phase that extreme care needs to be taken to ensure the safekeeping of the estate, as well as the proceeds generated from the sale. It is also imperative that each sale is tracked and that the item is removed from the database.
​The final step in the disposition process is the donation of unsold assets to organizations like Goodwill. It is during this phase that a tax deduction is potentially generated. Always check with your tax accountant to determine your eligibility for taking this kind of deduction.