Every family that has grown, acquired, saved and generated any kind of property, cash capital, and any other kind of assets is bound to have to liquidate these accumulated resources in the painful event of a loss of a patriarchal family member. Many families have lost the essence of family values and relationship bonds mainly because of consequential events pertaining to an unplanned, non-communal approach to liquidation of a family’s estate.
In any liquidation of a family’s estate, an Executor is assigned in the form of something as informal as a favor, or something as professional as legal assignment of his lawyer. Of course, as with any final decisions made by the deceased, all family members should respect each and every one of them. The various assets are basically owned by the deceased anyhow, and it is up to him to dispose, donate, share or assign each and every one of them as he wishes to do so, even after death. Should you be assigned as one, this article will help you plan and eliminate most, if not all, of the usual road-bumps in liquidating a family’s asset.
Transparency. As an executor, you shall be in charge of how the liquidation of the family’s estate should proceed. However, this does not provide you with any special treatment. If for anything, it actually gives you more obligations, and one of the most important things that you can apply through the course of this endeavor is transparency to all concerned. You don’t want to be blamed by the rest of your family or the family of the concerned just because you did not open your books to them. A lot of problems sprouting from doubt and misunderstanding will surely attack you down the road if you ignore this advice.
Diplomatic Authority. As an executor, you have the foremost authority to take charge with the dealings of the liquidation. Most of the time, family members forget this and do not respect you for being assigned as the executor. To help you with this monumental problem, you should always emphasize your position early on, and more importantly, when you foresee any kind of big road-bumps in this liquidation road. However, in asserting your position, you should always maintain a firm, yet mutual and diplomatic approach to all who are concerned, most especially when members of the family are not in good terms with each other. You should remember that while they may have personal disputes against each other, it is your job to quell these and let the proceedings continue and finish in the smoothest, fastest way possible where all concerned come out with a smile.
Auctioning. Many a times, family members have discontinued calling each other because of monetary disputes stemming from psychological, emotional and financial basis. These mostly accrue due to misunderstanding of agreements, unfair sharing or division of assets, and many more relating to the liquidation of a family’s estate. One of the best tools that an executor can use to avoid these is auctioning. This can be done privately, within family members, or publicly, should the estate be deemed too big to be settled within the first family. Through this approach, all assets will be liquidated in a professional manner where all concerned can witness first-hand, and funds from this endeavor will go to the family fund, where, a standard will can be used to accurately identify the assignments of the deceased to each and every one of his heirs. In many cases, this has proven to be one of the most effective ways to settle the liquidation, from start to finish.