Professional Executor managing a Deceased Estate
A solicitor had been appointed executor for a gentleman who lived in a country town. The client had bequeathed his assets to a charity. The executor had a problem: there were a large number of potentially valuable items, and many more items of little value; there was a house to prepare for sale; and there was a relative who was not named as a beneficiary in his will but had expressed an interest in a number of items.
A man of considerable years, he had had a passion for the bric-a-brac of bygone times and had collected a large number of curios and collectables, as well as the usual items of everyday living.
Canard Solutions provided a complete inventory, and a valuation of $14,000 for the contents of the home, which enabled the executor to foresee the probable income from the estate and plan accordingly. Canard Solutions created a detailed inventory with photographs, and used their Cansolver® app to invite the relative to view the inventory online and identify items in which she was interested. As a consequence the relative was able to inherit some small items without cost (with the consent of the benefitting charity), and to acquire a considerable number of items before general disposal, thus saving themselves and the estate extra expenses.
The next step was to pack and remove all items, consigning saleable items to the appropriate market place – either to an auction house, online, direct sale to private buyers, or to a general market. The specialist items included oil lamps, wagon wheels, archaic wooden washing machines, and antiquated farm tools, all of which went to auction. The total realized from sales exceeded the valuation, grossing in excess of $18,000.
All personal papers and photographs identified during the inventory were returned to the executor. Unsalable items were donated where possible, or tipped where unavoidable.
Next the house was cleaned and prepared for sale. The outcome was a good return to the estate, the disposal of assets having more than covered the costs, and the real estate left in order for sale.
The mess, stress and time associated with disposing of personal assets is significant, and can erode the value to executors charged with the tasks. The Canard Solutions service solves some of the challenging tasks facing executors at the most difficult of times.