My dad died in October 2022 (his wife in 2021). I am executor of the estate.
I inherited his house but the personal property is to be distributed to the other 8 members of our blended family.
I have tallied up most of the items of personal property in a spreadsheet, from dressers, to beds, to sofas and paintings and other things.
Most of the items are run of the mill and no one will really care. However there are some items (10-15) of potential value ($30,000).
Most of the family lives far away so items will need to be shipped at their expense.
There are some items the other family might be interested in.
I have read several articles about the process but still have general questions.
There are about 10-15 items that will need some type of appraisal (worth more than a few hundred dollars and worth a possible appraisal).
I have looked them up on eBay and auction houses and they are potential large value items. One item is potentially significant ($20,000+).
So I am thinking this is the process:
I send the itemized list of items (300?) to all 8 other family members. This way they see everything available.
I tell them I am having these 10-15 items appraised as they may have increased value.
Once I get the appraised value, I will have the main list with approximate value (FMV plus appraised value). Then what do I do?
Q1: Do I have each member let me know which items they are interested in?
Q1a: Do they have to PAY for this item or do I GIVE it to them?
Q1b: What if a member picks 3 items (that no one else wants) worth a lot of money (like 50% of the entire amount). Do the others just say ok? This one member will get a vast amount of the value while the others do not.
We do have an estate attorney. They have said that the EASIEST solution is to estate sale the entire personal property and then distribute it.
I like this easy solution but not sure that I can get all 8 other members to agree. One really wants a piece of furniture that no one else wants.
Do I have to know the value (including appraised items) before I come up with a solution?
Initially I thought I would determine the entire value (estimated about $40,000), divide by 9 and this is the amount that people can use to bid on certain items.
You basically buy back the items you want.
I feel that I am overthinking some of these options.
Thanks for any guidance or possible solutions.
I inherited his house but the personal property is to be distributed to the other 8 members of our blended family.
I have tallied up most of the items of personal property in a spreadsheet, from dressers, to beds, to sofas and paintings and other things.
Most of the items are run of the mill and no one will really care. However there are some items (10-15) of potential value ($30,000).
Most of the family lives far away so items will need to be shipped at their expense.
There are some items the other family might be interested in.
I have read several articles about the process but still have general questions.
There are about 10-15 items that will need some type of appraisal (worth more than a few hundred dollars and worth a possible appraisal).
I have looked them up on eBay and auction houses and they are potential large value items. One item is potentially significant ($20,000+).
So I am thinking this is the process:
I send the itemized list of items (300?) to all 8 other family members. This way they see everything available.
I tell them I am having these 10-15 items appraised as they may have increased value.
Once I get the appraised value, I will have the main list with approximate value (FMV plus appraised value). Then what do I do?
Q1: Do I have each member let me know which items they are interested in?
Q1a: Do they have to PAY for this item or do I GIVE it to them?
Q1b: What if a member picks 3 items (that no one else wants) worth a lot of money (like 50% of the entire amount). Do the others just say ok? This one member will get a vast amount of the value while the others do not.
We do have an estate attorney. They have said that the EASIEST solution is to estate sale the entire personal property and then distribute it.
I like this easy solution but not sure that I can get all 8 other members to agree. One really wants a piece of furniture that no one else wants.
Do I have to know the value (including appraised items) before I come up with a solution?
Initially I thought I would determine the entire value (estimated about $40,000), divide by 9 and this is the amount that people can use to bid on certain items.
You basically buy back the items you want.
I feel that I am overthinking some of these options.
Thanks for any guidance or possible solutions.
Statistics: Posted by CaliforniaResident — Thu Dec 28, 2023 11:35 am — Replies 4 — Views 235