Tips and Advice for Executors of a Will or Liquidators of an Estate

Navigating the responsibilities of an executor or estate liquidator can be complex. To ensure a smooth and transparent process, consider the following best practices:

1. Verify Professional Credentials

• Always obtain a business card with full contact information from the estate liquidator.
• Cross-reference the corporate name on their business card with their official website to confirm consistency.
• Check their Google reviews to assess their reputation for transparency and dedication.
• Seek referrals from trusted friends or contacts.

2. Protect Valuable Assets

• Never allow anyone to leave the premises with your valuables without proper documentation. This includes items such as fine art, gold jewelry, gold coins, and other precious items.
• Maintain a clear paper trail via email for all valuable items removed from the premises. This documentation should detail what was removed, by whom, and when.

3. Ensure Transparent Sales Records

• Insist on a detailed paper trail via email for all items sold on your behalf, regardless of the payment method (especially for cash transactions). This record should include item descriptions, sale prices, and dates.
• Request a detailed inventory list that includes estimated values for all items on the premises.

4. Handle Jewelry Wisely

• Do not discard costume jewelry. These often contain precious metals (like gold) or hidden value. Many buyers (“pickers”) may offer very low prices, knowing their true worth.
• Obtain your own independent evaluations for all valuable items, including jewelry, before making sale decisions.

5. Strategize Sales and Liquidations

• Before consigning items to auction houses, explore whether an estate liquidator can achieve a higher sale price. If their offers do not meet your expectations, you can then consider auction houses.
• When an estate liquidator takes possession of your valuable items, always request a copy of the consignment sheet from the auction house. Ensure your name is clearly indicated on this document in case of unforeseen circumstances involving the liquidator.

6. Be Aware of Industry Practices

• Understand that many individuals in this industry are knowledgeable about art, antique books, and coins, and may articulate their expertise in ways that appeal to you. However, be cautious, as some of these individuals are “estate sale pickers.”
• An “estate sale picker” is a person who attends estate sales or visits customers specifically to acquire valuable items, often seeking them at prices below their true market value.