One part of the running the estate is to be a vigilant care provider and safeguard the value of the Estate’s assets – including the deceased possessions. This may be an aspect of the home’s responsibilities that is overlooked as a part of the probate process – but the home should not be sold furnished – not with your loved ones past possessions.
Avoiding Hazards
Con artists keep inventing new ways to defraud Estate Administrators as they struggle with volumes of household goods. Few people properly screen and vet the service providers they allow to sort, sell, organize or pack their loved one’s possessions. Some adult children are so overwhelmed by the thought of downsizing and decluttering their parents’ home they hire just about anyone to help quickly and cheaply carry out the tedious and time-consuming tasks.
Unfortunately, many fail to realize that most downsizing and moving services are largely unregulated. This includes services like tag sales, estate sales, organizing, junk removal, storage, and even some moving services.
For example, there are an estimated 14,000 estate sale providers in the U.S. according to EstateSales.net. There are also an increasing number of complaints. One popular scheme involves under-valuing items that are then sold to known parties, who resell them at a much higher price and split the proceeds. Another scheme involves outright theft of items in the home.
Consumer Safeguards
Legislation won’t guarantee that your family won’t be harmed. The competitive marketplace and online reviews will help consumers make informed choices based on quality of service, training, and pricing. Additionally, senior service professionals and referrals from friends will help families find qualified, reliable, and trusted providers. We offer a network of professional services with trustworthy management and employees to cover all the needs you might encounter in your Probate case.
Ask these questions of estate sale providers:
“Legitimate” companies will welcome consumers’ questions and take time to provide answers.
Q. What is your commission structure and what does it cover?
Most estate sale companies base their fees on a percent of the sale and may also charge a reserve or admin fee. Percentages in the U.S. range from 35 to 60 percent, depending on services provided and estimated value of the sale. A lower percentage does NOT necessarily mean more profit. A skilled professional with a developed a list of qualified buyers may make more money for you, even while charging a higher percentage.
Consider the following services needed to hold an estate sale: price, research, organize, categorize, and stage inventory; place signs, promote, advertise, set up, and staff the sale; provide tables and display fixtures, secure permits, arrange for security, send invitations to known buyers, provide oversight and traffic control, manage transactions, and provide a final accounting.
Q. Have you and your staff been trained and certified? What is your field of expertise?
While the estate sale industry is unregulated and can be a haven for scam artists and unethical companies, it is important to understand how a provider is qualified to serve you. Unfortunately, many companies do not have regular qualified staff, and hire contract workers or friends to help with a sale.
Q. Do you have a legal contract and do you carry insurance?
You should not engage an estate sales representative without a contract and should receive a copy of the signed contract. Any qualified organization should be prepared to protect your possessions, as well as their own business and employees, through insurance.
This article was originally found on (and adapted from) TheCaregiversVoice.com