Your Reality Check for the Day

| Julie Hall

My clients have taught me that in the end, the worth of an item is measured only by the joy it brings at a particular point in time.  Many of us claim to cherish our possessions, only to discover that with the passage of time, they don’t mean as much anymore, or they have become a burden to us in some way.

Perhaps our tastes have changed.  Our home is too cluttered, or the sheer volume of what we own has caused marital strife.  Maybe you feel guilty because mom passed away and you feel the need to take a lot of what she owned.

Today, more and more people are selling their stuff to downsize, make extra money, empty an estate, or to simplify their lives and not have their stuff own them.  I’ve seen each scenario described, and I have witnessed what appear to be love affairs between people and their things.

A recent client told me he was terminally ill and he had many collectibles and oddities he had collected over the years.  He wanted me to come over, sell what I could, and send the proceeds to benefit a wonderful organization.  What a beautiful thought, but it’s what he said that made me really think:  “Mrs. Hall, it’s time for someone else to enjoy these items which brought me so much pleasure.  I am blessed beyond measure.  These are just things that I had fun fixing up and looking at.  But it is a humbling thought knowing someone won’t make it through the night, and it’s time to move forward.  My job right now is not to worry about this stuff … it’s to live as long as I can!”

Suddenly, everything shifted as his words sunk in.  I always thought I was unique to my industry – that while I was an expert in personal property, I never truly had love for these things, just appreciation.  Clients like him have taught me what’s really important in life.

© 2011, The Estate Lady

Live So You Make a Difference in Others’ Lives

| Julie Hall

Cleaning out estates never gets dull — I just never know what I will uncover next or what heartwarming lesson I will learn.  Sometimes I am covered head to toe in grime and sweat, and other days it’s a tiptoe through a pristine mansion.  But no matter what our residence may look like, at the heart of the home lies the very essence of who we are.  Our possessions reveal a great deal about us as individuals.

Today, we completed the clean-out of an elderly nurse who served her entire life.  She didn’t just serve in the hospital; she served her community by becoming “Miss Sue” in the neighborhood.  She had been in the same home 60+ years.  No matter what the community needed, she was there.  Someone needed first aid in a hurry; people took them to Miss Sue.  A young girl found herself in trouble; you go to Miss Sue.  As six decades passed, Miss Sue saw her neighborhood change.  There were juvenile delinquents, drugs in the area, other crime, etc., but everyone still went to Miss Sue for whatever they needed, and she was always happy to help.

As the last little bit of furniture was removed from Miss Sue’s home today, we were approached by numerous neighbors from all walks of life.  They surely loved Miss Sue and missed her terribly.  As I drove away, sweaty and tired from the hard day’s work, I thought to myself what a wonderful life Miss Sue lived.  She served so many during her lifetime and really made a difference!

© 2011, The Estate Lady

Mementos of Killed Marine Sold By Mistake

| Julie Hall

This was the headline in our local paper a few days ago.  The young widow accidentally sold a suitcase at a yard sale that contained photos and special items that were of her late Marine husband with their children.  I thought to myself, “Oh no … those photos are irreplaceable and probably gone forever.”

The article was a monumental effort across the country to appeal to anyone who might find it, as the buyers at the yard sale told the widow they would probably sell the suitcase at a flea market.  To my knowledge, it has not yet been found.

A couple of things come to mind:

  1. We feel for this woman and all she has gone/is going through, and it was most likely a simple oversight that she forgot to open the suitcase prior to selling.  As a professional, I  can honestly say it’s vital to leave no stone unturned.  Whether you are sorting through a loved one’s belongings, or you hire a professional, everything must be gone through with a fine tooth comb.  You never know what you’re going to find.
  2. Professionals in my industry already know to sift through everything, but family might be experiencing emotions too strong to deal with it at the moment, feel as if they are in a fog for a while, or can’t quite get themselves to sort through the items in the depth they should — through no fault of their own.  We understand grief and have compassion for our clients.  Sometimes, an objective professional party can help the family through that, and ensure that everything has truly been sorted and gone through, so accidents like this don’t occur.

My heart goes out to this widow and her children, and I sincerely hope that whoever buys the suitcase with the precious photos of the fallen Marine and his children will find a way to get them back to their rightful owner.

© 2011, The Estate Lady

Make a Plan for the Ashes

| Julie Hall

Several years ago, I was preparing for an estate sale and found cremated remains in the bottom of a china hutch.  They were handed to the son, who promptly tossed them under the kitchen sink right in front of me.  Yes, you read that correctly.  The ashes were tossed in with the Comet, Cascade, rags, and Brillo pads.  I was aghast!  How could anyone do such a thing?

I called the attorney’s office to report this horrible act and offered something above and beyond my call of duty.  I offered to appropriately scatter the ashes in a beautiful place and say a prayer for this deceased person.

Today, years after the fact, I received a call asking me to handle the remains because no one else will.  It is a strange thought: here I am, a perfect stranger to the decedent, yet I care more about him than his own family.  I know there are laws concerning this and I will do my due diligence to appropriately handle this out-of-the-ordinary mission that has landed in my lap.  Surely a family member would care enough to tend to this need?  Sadly, not one of them does care.

This should be a reminder to us all that when a loved one is cremated (including our beloved pets), plans must be made in advance for their final resting place.  What if the one who has the ashes in their possession dies and no one in the family knows what to do with them?  This is especially important in blended families.  It’s not something we think about often, but a plan will ensure that the proper procedure will be followed when the time comes.

© 2011, The Estate Lady

“B GR8FUL”

| Julie Hall

The license plate on the car in front of me during a long stretch of monotonous highway read, “Be grateful.”  I couldn’t help but wonder if this was a personal message to me, just returning from a wonderful weekend with my parents in Florida, or if it was meant for all who read it, spreading a positive message during uncertain times.

My husband and daughter were snoozing in the car and I was pensive as usual behind the wheel, thinking about everything from the economy, to finances, to family to you name it.  I, like many of you, am worried about the state of our economy and where it will leave our generation in the years to come.  I worry about my daughter and her education; will she be okay during this craziness we are experiencing?  Will she have work in the future?  Will the economy bounce back or are we headed for a recession?  So many people struggling.  News images of drought, famine, earthquakes, shootings, a downed military helicopter.

The worries seemed endless and my mind began to wander while I was driving.  Then I saw the simple license plate: “B GR8FUL.”  I know that I had an instant calm when I saw it.  I know that was a message for me to take these worries and transfer them into appreciation for all that we do have.  When you look at the grand scheme of things, we really do have so much to be grateful for.  So the next time your mind races with an endless stream of worries, try to shift your thoughts to appreciation.  You’ll feel much better!

© 2011, The Estate Lady

Make Extra Income Doing This …

| Julie Hall

People have been collecting, sorting, and selling “scrap metal” for eons.  But I have recently read articles that claim that full-time scrappers make anywhere from $60,000 to $100,000 annually.  That’s pretty impressive money.

Take it from one who knows — there is a good deal of scrap metal in our own homes, on the street being trashed, and thrown in dumpsters from coast to coast.  To me and people like me, that’s like throwing away money!  Think twice before you push your trash bin to the curb.  Do you have any copper, brass, steel, aluminum, bronze, etc?  Forget the condition; it matters not if you find a pipe here or an old teapot there.  Here are some tips for you:

MAXIMIZE YOUR SCRAP METAL RECYCLING:

Go to www.metalprices.com and get familiar with what the different metals are selling for.

  • Sort various metals into different piles.  Steel should go into one pile and copper should go into another.  You will get more if you segregate the lands of scrap.
  • Deal only with reputable scrap metal brokers or scrap yards.
  • Keep all garbage out of your scrap metal piles … metal only.
  • Always carry a magnet.  You can use a magnet to quickly tell if the material is ferrous or non-ferrous, and then separate your metals accordingly.

© 2011, The Estate Lady

Why can’t I determine value on the internet?

| Julie Hall

Q:  You make it sound complicated to establish value of my heirlooms.  Why can’t I just look at the internet and find the value myself?  Surely there’s plenty of stuff for sale on Ebay that I can find a similar item and see what they are asking for that item.

A:  The arrival of the 21st century has enabled us to find 90% of what we are searching for on the internet.  What a great tool — but with greatness also comes weakness.  What a double-edged sword.  If used correctly, you can find the answers.  If used incorrectly, it can truly mislead you, or cause permanent damage to one’s reputation. 

I read numerous articles, newsletters, and blogs; I see so many wanting to research what their possessions are worth. 

There are multiple factors involved in assigning a value to a particular item, not limited to the following:  marketability, condition, collectability, age, rarity, provenance, materials used, handmade vs. factory made, etc.  Age alone is not the only important characteristic, for all that is old is not necessarily valuable.  Original condition is a very important factor, as is rarity. 

One problem is everyone seems to believe they have something hard-to-find or rare, based on family stories told over years.  Families are often disappointed to learn that the old bench great-grandfather made in 1857 is just an old bench and has more sentimental value than monetary value.

People have a tendency to jump onto Ebay, which is not always a good thing.  While Ebay is a huge site with a broad variety of items, the market is currently down and often cyclical.  There are better times of year than others to sell on Ebay.  It’s also important to compare apples with other apples, and not an item that just looks like grandma’s old figurine.  You must first have an accurate description of the item, then you can begin your search.

Remember too, the cardinal rule: If you go searching on the internet, make sure you accurately find the price the item sold for, and not just the asking price.  Many times people say, “Julie, you only appraised this item for $200 and I see it on the internet for $675.  Why is your appraisal so different?”  My research in comparables accurately depicts what it sold for.  Anyone can ask any price they wish.  Go on Ebay and you will see some pretty ridiculous asking prices!  But note, the items have not sold for these prices.

It is important to also remember to search multiple search engines, as well as different values: not just Ebay, but online auctions, in-person auctions, estate sales, etc.  Find the fairest comparables you can.  Keep in mind that professional appraisers have extensive training and knowledge in research, writing, and databases, which the average person does not have.  When in doubt, please hire a professional appraiser to offer you the knowledge you need to make good, sound decisions about your personal property.

© 2011, The Estate Lady

It’s Better to Be Safe Than Sorry

| Julie Hall

You know you are in trouble when an expert shakes his head and says, “With the way the economy is going ….”  I share this because I sat with an expert just yesterday and he offered me sound advice which I want to share with you.

He’s not just a highly successful jeweler.  He’s been in the business 60+ years and knows a great deal about his industry.  I also knew immediately upon meeting him that this older gentleman had extensive knowledge about the market, where it’s headed, and what we can expect in the future.  Many clients ask me on a daily basis what my thoughts are on the market, so today I offer a little on precious metals and gems.

My mom had given me some scrap gold to sell and I have several items I no longer wanted, but some of the pieces are very nice.  So I went to him for a little advice: Should I sell now, or hold onto it for “a while?”

His eyes and demeanor were like that of a wise old sage, and he said the following:

1.  Don’t sell these items now if you don’t need the money.  One day, these items will probably be worth more than cash.  With the way the economy is going ….

2.  In his opinion, gold may very well hit $5000 per ounce in our lifetime, but not in the immediate future.

3.  If the US dollar lost its power, you would still have items to barter with.  At least you would have it, and it’s better to be safe than sorry.

Now, I know this isn’t rocket science and we’ve heard this before.  But the warmth and wisdom in which he delivered this information forced me to take heed and really listen.  So for now, those items are tucked back in the safe where they belong, taunting me with the question, “Will I ever need to pull it out in the future, if things got really bad?”  Well, at least it’s there if I need it.

© 2011, The Estate Lady

What is Value?

| Julie Hall

Let’s start by addressing what it is not.  Value is not a price you see on the internet or in a store.  That is only a numerical figure someone conjured up, very often based on their personal sentiment towards the item, or a price they once saw in a book.  The economy pretty much tossed that out the window.  It’s not the story the family handed down for generations that a particular piece is “very valuable.”  Maybe it is, but most likely, it’s not.  Sure it’s old, but that alone doesn’t guarantee value.  It may just be old.

Value is a very personal thing.  People want to believe what they have (or what grandma has) is valuable.  Price is determined by supply and demand, as well as the collector market.  As I have often said, there must be a demand for what you have.  You might have an antique china set from grandma — so does everyone else.  The supply is bountiful, but the demand simply isn’t there and this means the price is not going to meet your expectations, regardless of what they paid for it.  Those days are long gone.

If you have something rare (and most people think they do), you will need a professional personal property appraiser to confirm that, and also recommend where it should be sold.  For the record, “rare” means extraordinary, like a flawless diamond, and most of us do not have that.  What we have, and what we inherited, is a lot of stuff that is good and useable, but not necessarily valuable.

When in doubt, bring in someone like myself so that you can move forward and make good, solid decisions for your personal property.  Set your expectations accordingly so you will not be disappointed, and may, in fact, be pleasantly surprised.

© 2011, The Estate Lady

Oh Brother, Sister! What Have You Done?

| Julie Hall

My experiences with client cases never cease to amaze me.  This one amazed even me!

An elderly client passes away with much of her  family estranged from her.  Interestingly enough, every time we went into the estate to conduct work, more and more was missing – mostly the “good stuff.”  (This is why you change the keys/locks after a loved one dies.)  So we reported it to the estate administrator and the keys were changed promptly.  That is fairly typical in most estates, and you might even have your own stories about family helping themselves.  What happened next is unthinkable!

As with all deaths, the executor or attorney needs to close all accounts, settle debt, etc.  Imagine the surprise when the credit card bills came rolling in AFTER the date the woman died!  Come to find out it was a family member who did it and is being (and should be) held financially responsible.

As we were cleaning out the estate, we discovered something that at first made no sense.  Where was her purse?  It was nowhere in sight.  Someone swiped her purse!  Probably the same one who took her credit card.

It’s hard to believe people like this exist out there.  How could someone stoop so low as to steal from a deceased sister?  This is another reason to plan your estate and distribute it prior to passing away, if you can.  No one should be taken advantage of, especially when someone is no longer here to protect themselves.

© 2011, The Estate Lady