If a deceased person didn’t leave a will directing what was to happen to their house, chances are no instructions were left regarding their other assets. In fact, the estate attorney and the executor may not even be aware there are other assets.
Documents inside the home may provide a paper trail for finding financial statements, tax filings, securities, bank accounts, CDs, business investments, IRAs or 401(k)s, real estate, and more. I recently worked with an estate lawyer and the executor who found that the deceased had accounts at different banks.
The Clean Out
Before a house can be put on the market, it must often be cleaned out to remove old furniture, clothing and personal effects. To maximize the value of the estate, any documents found during the clean-up must be provided to the real estate attorney and the executor.
Much of an estate home’s content can end up being junk. Unfortunately, a typical clean-out company may not perform a thorough search and recognize what could have value. In addition to documents, these items could include coins, jewelry, and collectibles that could bring additional money to an estate.
Instead, you should enlist a company that effectively handles estate listings. The clean out should include a complete document retrieval process to collect items that may provide important information for the estate, and then forward these items to the estate lawyer or executor. There may even be secret places in the home where valuables were kept that a less experienced clean-out crew might not know to look.
They say, “One man’s trash is another man’s treasure.” This can often be the case regarding personal items in the deceased’s home because of their sentimental value. It’s not unusual for the heirs to disagree over who is to get certain items. This could be something as simple as a lamp, a piece of furniture, or a work of art. It’s important for the cleaner to find and transport these items to the executor if they are not able to get to the property.
Necessary Repairs
During the deceased’s final year or years, the house was likely poorly maintained and may need repairs and cosmetic improvements. The real estate team can help the executor use case from the sale of assets and valuables to make repairs before listing the home, which will maximize its value. It has become difficult in today’s HGTV market to sell a home “as-is” without leaving a lot of money on the table.
Motorcycles and More
I recently worked with a woman who lived out of state and had not spoken to her father in 15 years prior to his death. She was the sole heir to his home and personal property.
The home was full of furniture and personal items and the woman didn’t even know where to start. Personal property also included a Corvette and a vintage BMW motorcycle. The woman was one step away from selling everything at a low-ball price to an investor. This kind of a situation is a dream to investors and what they look for!
We did a start-to-finish process that included a detailed clean out of the house, donation pick-ups, document retrieval, home repairs, and the sale of the vehicles. By organizing the estate sale, the woman ended up with $75,000 more than expected.
