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- Jan 2, 2016
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Just like I know she pays more then what she says for cloths, and accessories.
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Planning for our Estate Sale
- Thread starter gr8legs
- Start date
- Joined
- Nov 23, 2014
- Messages
- 2,607
I thought my father-in-law came up with a pretty good system. My mother-in-law was executor of her parents' estate. Six kids in the family. My in-laws had an appraiser go through the house and put a value on anything over $5. All 6 were given a copy of the spreadsheet which included the assessed values of the items. All six walked through the house with a copy of the list and marked on their copy if they wanted the item or not.
My father-in-law summarized the spreadsheets before the family sit-down. Everything fell into one of 3 categories: More than one wants it, One wants it, No one want it.
On the "More than one wants it", the kids were given a slip of paper and told to write their "buying" price on it. Blind one time bid, high bidder got it and had a dept of that amount to the estate.
On "One wants it", they got it for the assessed value and had a dept of the assessed amount to the estate.
On the "No one wants it", my father-in-law threw a die, kids were numbered based on age. If your number was thrown, you were an owner and were responsible for removing the item from the house. If you removed the item, the assessed value was not made a dept to the estate (just subtracted that amount from the total estate value). If your number came up and you didn't remove the item, you owed the estate the assessed value. My father-in-law had a dumpster on site to make it convenient for the "no one wants it" items.
It worked out pretty well, no animosity between any of the kids. Everyone understood the process before hand and understood the "dept to the estate" scenario. If the cash was $540,000 and the tangible items totaled $60,000, total estate was worth $600,000. Each kid was going to get $100,000; either $100,000 cash if they took nothing, or $100,000 minus the value of the items they took plus the items they wanted.
Bruce
My father-in-law summarized the spreadsheets before the family sit-down. Everything fell into one of 3 categories: More than one wants it, One wants it, No one want it.
On the "More than one wants it", the kids were given a slip of paper and told to write their "buying" price on it. Blind one time bid, high bidder got it and had a dept of that amount to the estate.
On "One wants it", they got it for the assessed value and had a dept of the assessed amount to the estate.
On the "No one wants it", my father-in-law threw a die, kids were numbered based on age. If your number was thrown, you were an owner and were responsible for removing the item from the house. If you removed the item, the assessed value was not made a dept to the estate (just subtracted that amount from the total estate value). If your number came up and you didn't remove the item, you owed the estate the assessed value. My father-in-law had a dumpster on site to make it convenient for the "no one wants it" items.
It worked out pretty well, no animosity between any of the kids. Everyone understood the process before hand and understood the "dept to the estate" scenario. If the cash was $540,000 and the tangible items totaled $60,000, total estate was worth $600,000. Each kid was going to get $100,000; either $100,000 cash if they took nothing, or $100,000 minus the value of the items they took plus the items they wanted.
Bruce