Navigating the death of a family member is never easy. In addition to the emotional and familial aspects, this change can also come with major responsibilities. Perhaps the most significant of these is the management of the estate.
As a real estate agent who works closely with families that are in the process of selling a loved one’s home, I’m uniquely familiar with estate sales, how they work, and what makes them successful.
In this blog, I’ll touch on what makes an estate sale and what you need to know before organizing one.
What is an Estate?
Upon a person’s passing, their assets, personal belongings, and finances are bundled into a single entity known as the estate. As you may expect, estates and their contents need to be dealt with. For example, debts will need to be paid off, and assets and belongings will need to be distributed appropriately.
In the weeks, months and years following a person’s passing, their estate is managed by loved ones (with legal oversight) to ensure its contents are properly handled.
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What Does Estate Sale Mean?
First things first, what is an estate sale? Well, there are actually two different processes that are referred to as an “estate sale”. So, you may get a different answer depending on who you ask.
However, these two definitions aren’t totally unrelated either. In fact, many people find themselves in a position where they need to organize and accomplish both types of estate sales as part of the same journey. Let’s break it down.
Estate Sales: Selling Other Personal Belongings
When someone dies, they typically leave behind a number of personal belongings. On top of larger assets like their house or vehicle, there will be smaller items like furniture, clothes, appliances, sports equipment, etc.
Rather than donate or throw away these items, many families choose to host an informal event where they sell them. This is called an estate sale.
Much like a garage sale or yard sale, these estate sales usually take place on weekends and rely on light advertising or foot traffic. They’re a simple, practical way to downsize an estate, reduce waste, and offset some of the common costs that arise after someone has died.
What is an Estate Sale in Real Estate?
The other instance of the term “estate sale” applies to real estate. When a person dies, the largest asset in their estate is often the home, which will need to be sold.
In real estate, an estate sale refers to the sale of a home in which the owner (or owners) has passed away. In these cases, an estate executor or trustee will be responsible for coordinating and overseeing the sale of the property, distribution of funds, and a handful of other related responsibilities.
Navigating this type of estate sale can be challenging, especially for families. There’s a lot that goes into selling your own home, let alone one belonging to a late loved one. If you’re preparing to sell someone’s house after they’ve passed away, you’ll need to understand how the process works and how to follow it legally.
Understanding Probate
Legally speaking, estate sales can’t happen without proper authorization. If you’ve been tasked with selling a loved one’s home after they’ve died, you’ll need to follow a process known as probate – the legal term for applying for and receiving executorship over an estate.
When it comes to estate sales, probate is almost always required. Even if the homeowner has already named someone as their estate executor or trustee in the Will, that person will still need to apply for probate to have that designation confirmed.
One of the particular challenges with probate is that it can take several weeks or even months to finalize. That’s why it’s essential to be proactive if you’ll be overseeing an estate sale.
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Selling a Loved One’s House: Where to Start
If you’re selling someone’s home after they’ve passed away, you’ll want to work with a Realtor who understands the unique nuances of estate sales and can guide you through the process with ease. That’s where I come in.
With more than 30 years of experience selling homes in Oakville and the surrounding GTA, I can help you get a great result from the sale of your loved one’s home, while keeping the process as stress-free as possible.
Selling a house as part of an estate? I can help! To get in touch, call 905-464-7653 or email me at stacey@staceyrobinson.com.
At Your Service
I’m here to guide your real estate venture with an education to empower you. Let’s chat about what your needs, and I’ll tell you how I can help you meet them.
