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Regarding your March 24, 2023, column titled “Successor trustees need to recognize the value of presale seller inspections” on The Mercury News and East Bay Times websites:
Question: My elderly aunt passed away in March. As the successor trustee to my aunt’s estate, I’m overwhelmed by the volume of paperwork, personal property and preparing the property for sale. The home is as she left it. It is full of belongings, furniture, art, clothes, et cetera. She had exquisite taste, but there might not be a market for her possessions.
Many of my relatives named in the will believe my deceased aunt’s possessions are valuable. I question that belief. The elder law attorney says we must appraise the home “at the time of death” and all personal property. The thought of storing or shipping items to designated relatives is disconcerting. How do we appraise the personal property while emptying my aunt’s whole house during our 12-day stay at a nearby hotel?
Answer: I’ve seen many successor trustees in your overwhelming position. Enlisting the help of qualified professionals is essential. Thankfully, you have an elder law attorney. That attorney can provide the contact information for a time-of-death real estate appraiser. Look for local professionals with the Certified Appraiser of Personal Property (CAPP) designation. This certification is from the International Society of Appraisers (ISA). Visit their website, https://www.isa-appraisers.org/, to locate a credentialed professional near you. In Silicon Valley, I recommend the stalwart D.G.W. Auctioneers & Appraisers https://www.dgwauctioneers.com/.
Your relatives need to understand trends change with each generation. The Certified Appraiser of Personal Property will confirm this fact. Appraising personal items for little or no value could make your life easier. The donation process will expedite the disposition of private property. Also, having an independent third party handle the valuation process will curb family disputes. To further offset any family disagreement on values, attend an auction. You can witness high-end estate sale items receiving no bids or selling for a fraction of the original cost.
In the meantime, pace yourself, get lots of sleep and do not skip breakfast, lunch or dinner. Too many successors trustees exhaust themselves. Stay hydrated, healthy, rested and focused. You are no help in a hospital bed. Correctly and efficiently executed, this process will soon be over. That’s important on several levels. Mainly, so you can return to the fond memories of your aunt.
For Housing Market Data in your area, visit Pat’s webpage for trends here. Do you have questions about home buying or selling? Full-service Realtor Pat Kapowich is a Certified Probate and Trust Specialist. He is based in his hometown of Sunnyvale, California. Office: 408-245-7700; Broker# 00979413 Pat@SiliconValleyBroker.com
Originally published at Pat Kapowich