7 Mistakes Families Make In Handling The Estate Of A Deceased Love One

Dated: April 6 2021

Views: 67


- Hello, I'm Chris Loschiavo with Home Team Epic and I Think Realty. For our video today we're gonna talk about "Seven mistakes people make when handling a deceased family members estates." Unfortunately when Patricia and I take our listing sometimes it is because someone passed away. We work primarily with a 55 and up housing market and demographic. And so sometimes that is something that we have to deal with. And we try to help our clients navigate during what is a very emotional time and a challenging time. And it's very difficult to navigate selling a deceased member's home, not to mention dealing with all the stuff that goes with that and then all the emotions of losing a loved one. And so we thought we'd put this little video together just to give some tips about some common mistakes that are made. No we're by no means the experts on some of this stuff. Our expertise relates to getting that home sold but these two issues really align and affect each other at this point. So mistake number one is seeing families trying to go through possessions piece by piece. And it just takes way too much time. Oftentimes, if the death was a unexpected one there's a limited amount of time to go through things. One of the things that we recommend is going through papers you know, things like debts, income, health records, wills things like that, important documents and creating different bins for each thing. And then you can go through those things at a later time when you have a little bit more time but that way you get sort of out of the house in a way that's slightly organized and can save you some time down the road. As far as those important documents. Mistake number two is undervaluing things that you aren't familiar with. So for example, one of the articles I read talked about someone who valued a bunch of costume jewelry and things, but their father was a fisherman. And apparently they had some fishing flies that were worth up to $47,000. So because you don't understand it or it wasn't maybe a hobby of yours, sometimes that can you can really undervalue something just because you don't understand it. Best thing to do is to have someone a professional appraiser come in and really appraise everything. That way you're not accidentally giving something maybe that was very valuable and you're not undervaluing things. Mistake number three, overvaluing things you like. So again, maybe you're a fisherman. And so you valued a normal fishing lore more than it's actually worth. Once again, this is a place where a professional appraiser can potentially help you understand the value of different items. Mistake number four, a lot of people overlook the attic. In Florida we don't have basements, but attic and basement. And oftentimes that's where some of the most viable pieces of different things are, in the attic and basement. So don't overlook those. Mistake number five, letting a vintage loving friend evaluate all of this stuff in the house for you. It's nice when people wanna help and doing it for free potentially saves you some money. But unless they're expertise, you don't necessarily wanna see something that you gave away end up on antiques roadshow. And so one of the things to do again is to bring in a professional appraiser. Oftentimes they can evaluate an estate for free for you. And that can give you an idea of what really is valuable in your loved one's possessions. Mistake number six is selling to dealers rather than collectors. One of the things you have to keep in mind is that a dealer is ultimately purchasing but in order to make a profit. So they're gonna generally low ball you on the value of something. So they can increase their profit margins. A collector isn't buying, whatever that, you know Roche piece of jewelry or whatever it is for its resale value. They're buying it because they like it. So they're likely to pay more for that item. And the final mistake made is not dealing with debts. Now, normally family members are not responsible for the debts. Debts of loved ones who have passed away. Although there are some occasions where a spouse might be or if you've code signed for a certain loan or something where you could be. But it's also important to make sure that you address all debts. It should be paid through the estate. And then if the estate runs out of money those things go unpaid but you need to make sure you're clear on that. And that you follow all legal guidelines in terms of taking care of those debts. And so this is a place where it might be good to hire an estate attorney to really help evaluate to make sure you don't create some problems down the road. Those are your seven mistakes that are commonly made by people handling a deceased family members estate. Hope you found this information helpful. And as always, if Patricia and I can help you with any real estate needs you might have, we wanna make your home buying and selling experience an epic one have a great day.

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