Estate sales are a common way to settle an estate after someone passes. However, what about a living estate sale? This is a relatively new approach where the person manages the selling of personal possessions while he or she is still alive. It may seem sad or overwhelming to sell off personal possessions, but there also many advantages.
Sharing Your Items
If you have collections and other items that are collecting dust or sitting unused, you can make someone else happy by offering them for sale. Instead of making a mess in your home, sitting in boxes in the attic or in the basement, sell them to someone who will appreciate them every day. You get a cleaner living space and they get something new to them.
Heirlooms
Of course, your most cherished heirlooms and family treasures can be set aside from a sale. Save those items to offer to family members. It is OK to go ahead and give that special family jewelry to your granddaughter today, even though you have obviously not yet passed. She may not be old enough to truly enjoy it yet, but it can be saved for her. Now it can live in your son or daughters’ home, ready for your granddaughter, and not cluttering your space.
One thing to know about hiring an estate sale company is that the company will come in and do a complete assessment of the value of the items altogether. At this time, they will be expecting that the items you have shown them will be the items for sale. It is important that you do not add or remove any items from the sale after this point without first talking to your professional.
Downsize With an Estate Sale
As we grow older and our nest becomes empty, we often desire to downsize to a smaller home. The family living with you may have downsized, but your stuff may not have! Do you have too much stuff to take with you to a new home? Are there things you have been saving that you never even see? Do you have a collection that is just gathering dust and is not enjoyable anymore? Do you even KNOW what is in the corner of your attic or basement? Have a sale! Especially if you are considering moving into retirement homes or assisted living facilities, you may need to really cut back on the items they have collected over the years.
Financial Safety Net
Many older citizens are on a fixed income. You may be just one accident or mishap away from financial disaster. Auto collisions, major home damage, or sudden illness can wipe out savings quickly. Having an estate sale to eliminate unnecessary items can provide a financial buffer to protect yourself. Financial experts suggest that we maintain a separate savings account with enough money to cover at least a few months of basic expenses. No one wants to be backed against the wall with no way to over their own living expenses.
Pay Off Debt
Earning money from an estate sale can allow you to pay off your debt from credit cards, loans, automobiles or even your mortgage. Paying these bills sooner will save you money in the long run. When you pay the minimum amount it only covers the interest. Paying the loan off sooner can save you that interest and free up hundreds of dollars each month. When the time does come, and you are not there, your loved ones won’t have to worry about settling these accounts.
A living estate sale may sound a bit strange, but it can be a huge help to you in many ways in your later years. Beyond all the benefits mentioned above, having a living estate sale now will help prevent your loved ones having to manage one after you are gone. LAWSON & CO is an auction house and full-service real estate company. Give us a call at 317-745-6404 or visit us at LAWSON & CO to see where and when you can join us for our next sale!
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