Inheriting A House Full of Belongings: Where to Start (And What to Avoid)

The Emotional and Practical Reality

It is a sad fact of life that many of us will have to face sooner or later. Mom and Dad will both eventually pass away or move into a senior living facility or there will otherwise be some major life change one consequence of which will be that a household full of belongings will need to be emptied. This is undoubtedly a circumstance that frequently brings with it stress as well as grief. There is often guilt over decisions made or not made, general anxiety about the whole process, and a feeling of pressure to just "get it done."

If you are managing an estate or downsizing and are unsure where to begin, an independent appraisal can provide clarity before irreversible decisions are made.

The Most Common First Mistake: Acting Too Quickly

It is this pressure that can lead to problems. Rushing to clean out, donate, or sell often leads to regret in the end. Even for items that may not have much market value, there can be substantial sentimental value. Often, this sentimental attachment has not been clearly expressed. We should take time to allow for family members, family friends, or other heirs to have a chance to share their feelings especially as to any belongings that may not be specifically mentioned in a will.

Step One: Pause Before Disposing

This need not take a long time. But pausing to really assess what is present can be helpful. Closets and dresser drawers can sometime yield up items that were long forgotten or perhaps even unknown to family members. Developing a written inventory can be helpful when considering how to proceed, especially if there are family members or other interested parties who do not live nearby. The process of creating a written inventory may lead to important questions and discussions that can uncover information about various items that can be critical when it comes time to arrive at a market valuation.

Step Two: Separate Sentimental Value From Financial Value

Certainly, some objects will have such sentimental value that a dollar valuation would be irrelevant. These may be the items that you would never consider parting with and so do not require a formal appraisal. However, there may be other items where you would consider selling or donating them but your sentimental attachment is perhaps leading you toward an unreasonable assignment of value. It is important to try to resist this thinking. "What the market will bear" is the oft repeated phrase that describes market value. For better or worse, markets are not sentimental.

Step Three: Identify items where value affects decisions

But for the rest, a professional, neutral, and objective appraisal can be useful. Having this data on hand helps you to make clearer decisions, ones that you can have more confidence in and that minimize potential disagreement and conflict. You may not need an appraisal for common, low-value items such as the Mr. Coffee in the kitchen. You likely don't need much help in deciding what to do with those. For others, knowing the true value will definitely affect your decision about how to proceed. These are the items you should consider having appraised.

Certain situations—tax filings, disputed inheritances, significant charitable donations, or insurance concerns—may require a formal appraisal. Your attorney or accountant can advise on requirements, but reliable values are essential in all of these cases.

What a Qualified Appraiser Contributes at This Stage

Only after these three steps have been taken should decisions be taken about how items are handled.

An appraiser is neutral, objective, and focused on helping you making informed decisions.

• Appraisers provide valuation and decision clarity

• Sale pathways may involve other professionals

• Independence matters

A Calmer Way Forward

Clarity reduces stress. Often, no immediate decisions are required and it can be worth it to take the time to slow down and assess your situation. A professional appraisal can help in these times of uncertainty.