How to liquidating assets
Woodman is pursuing a Bachelor of Science in finance through online education.Liquidating — distributing or selling — estate assets is one of the primary responsibilities of an estate administrator.There are two possible scenarios when liquidating securities: The quickest way to sell real estate at the highest price is to have the property listed with a reputable broker.Choose a broker who has comparable properties to back up the price he or she proposes for your property.There are several possible reasons for liquidating assets before distribution of the estate residue (what’s left over after paying all debts, expenses, taxes, and specific bequests and devises) including: Most stocks, bonds, and other securities are held in brokerage accounts.Gaining access to these accounts in order to sell the securities requires providing the brokerage with a copy of your appointment as executor.Prepare a List of Assets and Take Inventory As you start the process of liquidation, take stock of everything that the business owns.Document the items thoroughly by describing the items, noting any reference numbers. Having this list will be helpful as you begin the process of selling the items.
If you are not able to sell your business and other succession strategies have failed, liquidating the assets may be the only remaining option.
While this can be an incredibly stressful time, particularly if money is needed to pay creditors, it is important to take a methodical approach.
Here is a checklist of items to consider during this process, based on recommendations from the Small Business Administration.
Again, a liquidation professional may be helpful in determining how best to coordinate selling your items.
Several different sales methods may be available, such as: negotiating with prospective buyers, turning over the assets to a dealer to sell on consignment, selling items online, a going out business sale, or an auction.