What is liquidating assets
When a mother passes away, the emotional repercussions will generally overshadow financial considerations. Distributing assets and settling debts can be complicated, especially since certain assets may have sentimental as well as financial value.
If the assets are publicly traded stocks or securities, determining valuation will simply be a matter of looking up what the stocks are trading for on the appropriate exchange and printing out a copy of that price for your records.Since the assets are in probate, you may need to have the supervising court’s approval before you sell the asset.Consult with the appropriate clerk of court or your state’s probate code to determine what steps you need to take. Execute all documentation required for the transfer.The executor is the person responsible for liquidating assets of the estate.If you are named as an executor, you may need to liquidate some of the estate’s assets to pay off the decedent’s and estate’s financial obligations.When a person passes away, the process of complying with the terms of the will is known as probate.This legal process generally involves appointing an executor (typically named in the will) to manage the decedent’s estate.Consider having multiple appraisals to establish the fair market value and keep all reports related to the assets value.Review the probate code to determine if you need to have court approval prior to a sale.Specific bequests made in the will with obvious emotional attachment may be liquidated after other assets, such as stock, that have less sentimental value. You may need to liquidate assets to settle debts, or certain assets may need to be sold because the property cannot be divided or shared amongst the specified beneficiaries.You will either need to liquidate enough assets to cover the liabilities or liquidate specific assets based on the purpose.