With America's aging population the estate sale industry is becoming a big business. It is an industry that has a lot to offer people who need to clear out an estate. Generally, there are two times that you might want to consider having an estate sale.
The Detroit Free Press recently published an article titled "Estate sales boom with aging demographics." The article highlights how the estate sale industry is growing as the population of the country grows.
What is an estate sale? It is an auction where one’s household belongings are put up for sale. They are popular for buyers because estate sales often contain older, valuable possessions that can be purchased at a discount. In fact, some people even make a living out of buying items at estate sales and selling them for retail elsewhere, such as their own shops or on eBay.
As a result, there appears to be two groups of “sellers” who might consider having an estate sale.
The first group are people who have inherited the estate. What typically happens is a group of siblings will inherit the house and the possessions of their parents. Rather than going through everything themselves, the siblings hire professionals to go through the house and auction off what can be sold for profit. This is an excellent way to dispose of an estate because when everything is sold, it avoids any sibling fighting over who gets what. Estate administrators who fear that heirs might fight over possessions should consider an estate sale.
The second group are the elderly owners of the property themselves. Many older people are now choosing to sell their possessions in what might more accurately be called “pre-estate” sales in an effort to downsize before they go into assisted living facilities. This is also one way they can make sure that their children do not argue over who gets what. If “stuff” is sold before the parents pass away, then there is nothing to fight over.
Contact an experienced estate planning attorney who can help arrange the estate sale process and identify the best estate sale professionals for your situation. While you are at it, get your estate plan created or updated.
You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning. However, proper estate planning is not a do-it-yourself project. Why not call us for a complimentary consultation at 757-259-0707.
Reference: Detroit Free Press (September 6, 2015) "Estate sales boom with aging demographics."