Far too many Americans are procrastinating on estate planning. Did you know that only 40% of Americans have a will or living trust?
The good news is that people take estate planning more seriously as they age. This number rises to 81% when Americans reach the age of 72.
The estate sale is an essential milestone in the planning process. Read on for a comprehensive guide to New Jersey estate sales. Explore three tips for planning your NJ estate sale and how to file the proper documentation.
What Is an NJ Estate Sale?
Before diving into planning tips, it is essential to define what an estate sale is. In its simplest form, it is a liquidation sale of a home’s belongings. Some may compare it to a yard sale, but on a larger scale, with legal implications.
There are many potential reasons to hold an estate sale. Death is one of the most common causes of an estate sale. However, bankruptcy proceedings, divorce, and moving are other reasons.
The public is invited into the estate to shop for items on sale. Some items may not be listed for sale as they are intended for family distribution or possibly set aside in a will.
1. Hire an Estate Sale Company
Some experts can help you hold an estate sale. They will ensure that you file all the proper legal documentation.
An estate sale company will help you organize the event. They know how to market it to the public and maximize attendance. More people are showing up to the estate sale results in additional revenue.
Hiring an estate sale with vast experience and a positive reputation is essential. They should carry insurance to protect the estate’s belongings and be upfront with their assessment fees.
2. Complete a Priced Inventory List
Before holding your estate sale, it is imperative to develop an inventory list. There are several practical reasons for this list.
For starters, you want to keep an official tab of what items are for sale and how much. There will be negotiation on certain things so that you can track the actual sales price.
This inventory list is crucial for filing federal and state taxes. You are sure to bring in significant income from your estate sale. The payment you bring at the estate sale must be reported to the IRS and state government.
3. Strategic Pricing
There is a lot that goes into the pricing of estate items. You should consider a professional appraisal of big-ticket items to improve your leverage.
From there, strategic pricing is necessary. It is essential to price items low enough to sell. At the same time, you want to turn a reasonable profit.
Three Tips for New Jersey Estate Sales
You are now ready to move forward with your estate sale. An estate sales company can help you navigate a time-consuming and laborious process.
Contact us today for professional assistance if you need help with New Jersey estate sales.