What To Do When Someone Dies – Loved Ones Possessions
In his latest blog, Wills and Probate Solicitor, Keith Baldock- Grimes, discusses what to do with loved ones possessions when they die….
When a loved one (often a parent) dies, their homes may be filled with items that they have accumulated over many years. Traditionally family heirlooms and furniture were passed down but these days they are often things that children or relatives just don’t need or want.
The reason for this began in the 2000s when clutter was out and minimalism was in. Also, millennials are more inclined to want new items rather their parents’ household goods. Houses are smaller and people don’t have the room to store things that they don’t really want or need.
What Happens If You Are Appointed As Executor Or Administrator?
An executor or administrator (the deceased’s personal representative) is a person named in a Will or appointed by the court who has a duty to protect a deceased person’s property until all debts and tax have been paid. They will also ensure that what’s left is transferred to the people who are entitled to it under the terms of the Will.
As part of your estate administrative duties, you are left with various items, some smaller, such as clothing and personal belongings, and some larger, such as furniture or appliances. This brings up several questions to consider, such as:
Can I Sell What’s Left Of My Parent’s Estate?
Yes – if the property is not specifically designated to someone in the Will. The executor or administrator should sell the property for its fair market value. It is important to remember that the executor or administrator is under a duty to obtain as much as possible for the estate assets so as to protect the creditors and beneficiaries of the estate.
Proceeds from the sale must first be used to pay priority claims such as: Tax, court fees, funeral and administrative expenses. Any money left is then used to pay other debts of the deceased and, finally, any remaining proceeds are distributed to the beneficiaries in the will or under the intestacy rules.
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 work with an auction house/house clearance company who 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 them rather than just throwing them away. Again, this may take additional time and effort, but at least they won’t end up needlessly in landfill. Alternatively, find a local charity, or non-profit organization that takes used items such as clothing, furniture and toys. Keep in mind that items that do not meet current safety standards may not be accepted. If you have items with historic or cultural significance, consider donating them to a local or larger historical society or museum. Also note that if you donate items to a registered charity this may provide some tax deductions.
Recycling electronic items such as appliances, computers and TVs can help to reduce waste. Check with your local authority for their guidelines on recycling.
How Can You Avoid These Headaches?
Firstly, it’s a good idea to start the discussion about your loved ones’ wishes whilst they are still fit and well. This means that you can start the process with their input and direction, and not work in a confusing, time-consuming way later.
Secondly, having the correct and up-to-date estate planning documents in place is essential. Your loved one should make a valid Will in which he or she can clearly make their wishes known regarding such personal property.
Not only will these efforts make your life easier after they’re gone (because their exact wishes will be carried out, which helps avoid family conflicts) but proper planning can also help lower or avoid probate costs, preserving more assets for the beneficiaries.
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
Keith Baldock-Grimes
April 2021