If you recently lost a family member, more than likely you have a lot on your mind during this emotional time. Though you may realize that at some point you’ll need to distribute the unwanted assets of their assets you may not have thought through how to do that. Once the heirs have taken possession of the assets bequeathed to them by the deceased according to their will or trust, what to do with the other items? And what of the items that the estate plan dictates should be liquidated?
Where to Hold the Estate Auction
Depending on the number, size, and value of the estate’s assets that you want to auction off to buyers, it may not be feasible to hold the auction on the deceased’s property. For one thing, it may no longer be in the family’s possession. For another, it may not be large enough. There are other considerations as well:
- Is there sufficient parking? Can your visitors park and exit with their vehicles without hitting other vehicles or pedestrians and without getting stuck in the mud or on the grass? If you opt for renting an event space, many of the aforementioned concerns can be handled. Most event venues have sufficient parking for guests and it may even be free.
- If the weather turns bad, will the assets be damaged? Will bidders want to be outside in the bad weather? An indoor event venue will keep your guests dry and comfortable.
- Can the assets be easily inspected by potential buyers? If the items are piled in boxes in dusty corners, this will likely affect how many people will look at them or have any interest in bidding for them. Consider arranging tables within an event space that allows you to display the items most likely to receive interest from bidders. If larger items are included, such as vehicles, the event venue may have space for them outside.
A banquet hall in Glendale CA can help you determine what other aspects to consider.
Maintain Your Family’s Privacy
Though you may have sufficient room on your family’s property and within the house and other buildings, you may not want strangers roaming about, and peeking into private rooms and other areas. By holding your estate auction in a rented venue space, you can maintain your family’s privacy. This can also reduce some of the emotional stress associated with the memories of holding an event in the home of your deceased loved one.
Limit Your Liability in Case of Accidents
If someone were to trip and fall on uneven ground at your family’s estate where the deceased once lived, you might be held liable for their injuries. If you hold the auction at the family’s house, someone attending the event could get injured in any number of other ways as well. You can greatly limit your liability by having the event in a venue that you do not own and for which you’re not responsible for maintenance. A reputable venue will make sure their premises are safe for guests and will have safety foremost in their mind. It’s also less likely to have some of the many objects that a typical home has and which can cause hazards such as long staircases, debris in the yard, and weak flooring. When an older person passes, their home may have fallen into disrepair in their final years. Avoid the liability and rent an event venue.
Thanks to our friends and contributors from Metropol Banquet for their insight into event venues.