When a loved one dies, their homes are often filled with items they have accumulated over many years – there are often lofts full to the rafters that haven’t been sorted for years.
Traditionally, family heirlooms and furniture were passed down, but these days this is no longer the case as we all live more minimally, as fashions and tastes change and as houses get smaller.
What Happens If You Are Appointed As Executor Or Administrator?
An Executor or Administrator (the deceased’s personal representative) is the person named in a Will or appointed by the Court (where there is no Will) who has a duty to gather and protect a deceased person's property and to ensure that all debts and tax have been paid. Eventually, they will then distribute the estate to those named in the Will or entitled under the Intestacy Rules.
When dealing with these possessions you might feel torn about what to do with the less valuable items such as clothing, ornaments and furniture. Do you sell them, give them to charity or just take them to the tip?
Can I Sell What’s Left ?
Yes, if the belongings are not specifically gifted to someone, the Executor (or the Administrator if there is no Will) should sell the belongings at market value, or as close to.
Any money collected by the Executor or Administrator must be paid into the estate and where there are debts the sale proceeds must be used to pay these debts.
If there is a remaining balance after the debts are cleared then this is what will be available to distribute.
How Do I Sell What’s Left?
How you sell these belongings depends on the amount of time and effort you can commit to managing the sale. Fortunately, there are several options when it comes to selling the assets including: auction, private sale, internet auction or traditional advertising methods (such as newspapers, bulletin boards or word of mouth).
Another way to dispose of these items is to work with an auction house/house clearance company. The company can do everything from managing the details of the initial evaluation of your items, to writing you a cheque when the sale has been completed. It is important for the Administrator or Executor to keep accurate records of the sales and donations as they may have to report to the Court if challenged about how they have handled the assets.
Should I Donate, Give Away or Throw Out The Rest?
The best-case scenario is to find a good home for the personal belongings rather than just throwing them away however, this isn’t always possible. Alternatively, you could find a local charity who takes used items such as clothing, furniture and toys. If you donate items to a registered charity, then this may provide some tax relief if the estate is taxable.
If you have items with historic or cultural significance, consider donating them to a local or larger historical society or museum.
How Can You Avoid These Headaches?
Firstly, it is a good idea to start the discussions about your loved ones’ wishes regarding their personal belongings while they are still here to tell you.
If these discussions are too difficult, then you could leave instructions in your Will or a letter of wishes which is a non-binding letter that can sit with your Will to set out your wishes for personal belongings.
Next Steps...
If you are uncertain about your options, our experienced Wills and Probate team will be happy to talk them through with you so that you can make an informed choice about what is best for you. Further details can be found on our website or please feel free to contact us on freephone 0800 011 6666 or via email at legal@timms-law.com
