What is an Estate Sale?

An estate sale is a type of technique that is used in order to liquidate the assets of a deceased individual. Here are the basics of the estate sale and how it works.

Estate Sale

During an estate sale, a large portion of the assets from a deceased person are going to be sold. The format for this sale is going to be similar to a garage sale or yard sale. Some of the items may be auctioned off as well.

Purpose

This type of sale is commonly used when someone dies without a will. If you die without a will, there is a good chance that the probate court judge is going to recommend that your property be sold and the profits from that sale are divided equally among your beneficiaries.

An estate sale can also be used even if you have a will or a trust that governs how the majority of your possessions are distributed. In some cases, a will is only going to cover the large aspects of an estate such as financial accounts and real estate. With the smaller possessions, the family members may not actually want to take possession of them. In this case, they can use an estate sale to liquidate the possessions and take the money.