January 13, 2023
When inheriting a property, many assume that it can be done in a few weeks or, at most, a month or two. Once people get into it, they realize that it takes a lot more than they expect. Many times people think they can sell everything - or at least the big things - on Facebook Marketplace or Craigslist or at a garage sale. They can do this, but it is very time-consuming. And then what do they do with all the other things that are not worth selling? They can be donated (also time-consuming), given to family members, or thrown away. We have seen many people have a hard time with this because they have an emotional attachment to letting go of the last possessions of their loved one (this, too, takes time).
What if their loved one had a storage unit?
For some reason, we have seen families feel a responsibility to clean out a storage unit for many reasons, the main one being “there might be something valuable in them.” In reality, they are usually filled with old papers, books, and other useless stuff. We recommend having a close family friend look through the unit to see if there might be anything valuable or worth keeping. They can keep an eye out for specific keepsakes you might want. After that, we recommend stopping the payment as soon as possible after inheriting the property and letting the storage unit company clean it out.
Inheriting a business
Unless someone has kept the company’s books really well and has employees that can help make heads or tails of what they were doing, it is going to be extremely hard to sell the business. You can sell the assets that the business owns and try and sell the client accounts to another company that does the same or similar things. This can be very stressful, especially if it is in a field that you are unfamiliar with.
In all these cases, it is best to talk to a professional who can take on some of the burden.
Kansas City Legacy Properties has seen nearly all of these circumstances and has people and resources to help shorten the timeline and reduce the stress that comes with inheriting a property.
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