Estate sales are often used by families as an easy way to liquidate the belongings of a deceased family member. However, a newer concept known as a living estate sale is becoming increasingly popular among seniors. If your aging loved one wants to liquidate a large number of belongings, here are a few reasons he or she should consider holding a living estate sale.
1. Outsource the Selling Process
Most living estate sales are conducted by professional estate sale companies. While the companies do take a percentage of the profits, they also handle all aspects of the sale, including planning, organizing, and staging. The estate sale companies also arrange for advertising, which means your loved one will probably end up with a larger pool of buyers than if he or she tried to arrange a sale independently.
Finding the right estate sale company while providing care for a loved one can be exhausting for family caregivers. Consider hiring a professional caregiver if you need a break from your caregiving duties to tend to your loved one’s legal matters. Home care professionals can be a wonderful boon to seniors. Whether they require around-the-clock supervision or just need assistance with exercise and household tasks a few days a week, seniors can enjoy a higher quality of life with the help of trusted in-home caregivers.
2. Generate Extra Cash
Living estate sales focus on selling everything in the home, including valuable items. As a result, they tend to bring in more money than traditional garage and yard sales that typically focus on low-quality items. Holding a living estate sale allows your loved one to raise extra cash that can be used to cover monthly bills, travel, and other expenses.
3. Make Downsizing Easy
Many seniors have to downsize or move to a new residence for medical or financial reasons. A living estate sale is a quick and effective way for your loved one to pare down his or her belongings to accommodate a smaller living space. The funds can also be used to offset the expense of purchasing a new home.
4. Find a New Home for Sentimental Items
One of the most difficult parts of downsizing is parting with personal possessions that may have sentimental value. If your loved one needs to move in with you or into a smaller home, a living estate sale is a way to dispose of personal belongings so they can still be used and enjoyed by others. If your loved one won’t have room for the items in the new home, he or she can take solace in the fact they’re becoming part of another family’s memories.
Letting go of personal belongings can put seniors at risk of depression. However, receiving regular social stimulation from in-home care experts can help seniors keep depression at bay. For families living in Edmonton, respite care can be a wonderful solution when their aging loved ones need companionship and socialization a few hours a week or just need minor assistance with daily household tasks. At Home Care Assistance, we thrive on helping seniors maintain their independence while living in the comfort of home.
5. Prevent Family Squabbles
Deciding which family member gets certain belongings is stressful, and it can create some uncomfortable situations. Your loved one can eliminate the need to make these decisions by selling his or her belongings through a living estate sale. He or she can then divide the money among various family members so no one ends up feeling left out. Depending on the amount of money raised and your loved one’s financial situation, the money can even be used as a charitable donation or placed in a trust to create a lasting legacy and provide tax benefits for your loved one and the recipient. A financial planner or attorney can walk your loved one through the various options.
Holding a living estate sale can be difficult for seniors, especially those who are living with serious medical conditions. There are a variety of age-related health conditions that can make it more challenging for seniors to live independently. However, many of the challenges they face can be easier to manage if their families opt for professional senior care. Edmonton families can rely on expertly trained caregivers to keep their loved ones safe and comfortable while aging in place. Call Home Care Assistance at (780) 490-7337 to learn more about our flexible and customizable senior care plans.