What is the Difference Between an Estate Sale and an Estate Liquidation?
Many people don’t know the difference between an estate sale and an estate liquidation. An estate sale is when the family of a deceased person sells off the person’s belongings to settle the estate. A liquidation sale is when an estate sells off its assets to pay off creditors or to prepare for a big move.
In this article, we will go over the details regarding what the difference is and why these distinctions matter. We will also review who you can hire to help you with these events.
What is an Estate Sale?
An estate sale is a sale in which a deceased person’s belongings are sold off to settle the estate. This term is also used for those looking to sell possessions they no longer need before a big move.
This sale is typically held at the person’s home. All of the proceeds from the sale go to the estate. Estate sales are often handled by professional estate sale companies, who will take care of all the sale details.
What is an Estate Liquidation?
When an estate is liquidated, it means that the assets of the estate are sold off to pay creditors or to distribute the assets to the estate’s heirs. In some cases, the estate may be liquidated to pay off creditors after the estate enters bankruptcy.
In other cases, the estate may be liquidated to distribute the assets to the estate’s heirs. In either case, the estate must be valued, and the assets must be sold to pay off debts or distribute the assets.
Items Sold at an Estate Sale vs. Estate Liquidation
The main difference between an estate sale and estate liquidation is that an estate sale is usually organized by the family or executor of the estate. In contrast, estate liquidations are typically handled by professional companies.
Estate sales often take place over a weekend and include items from home, such as furniture, artwork, and personal belongings. On the other hand, estate liquidations generally happen much quicker and involve the sale of all assets, including real estate, vehicles, and business inventory.
Can You Work with a Company for Either Process?
Yes, companies can specialize in estate sales or estate liquidations. If you need help with what you want to do with your loved one’s belongings or to prepare for a big move for your family, these companies can help you figure out the best way to sell them so that you can get the most money for them.
Contact All Inclusive Estate Sales Today
If you’re overwhelmed by the prospect of estate sale planning, know that you’re not alone. Our company, All Inclusive Estate Sales, has helped countless people in your situation, and we’re here to help you, too. We’ll take care of every aspect of the estate sale process, from start to finish, so you can focus on what’s most important to you. Contact us today to get started at 877-335-2437.