Managing Personal Property as a Successor Trustee

Being named a successor trustee means someone trusted you to carry out their wishes and manage what they left behind. That responsibility may include financial accounts and real estate, but it often begins with something far more personal: a home filled with furniture, photographs, collections, household belongings and reminders of the person who lived there.

Knowing what to do with those belongings is not always simple. Some items may be specifically mentioned in the trust. Others may carry sentimental value that cannot be measured by price. Beneficiaries may have different expectations, and the trustee must make decisions that are consistent with the trust while keeping the process organized, documented and fair.

The following guidance can help you begin.

Begin With the Trust Document

Before belongings are removed, distributed, donated or sold, review the trust carefully. It may provide instructions for specific items, give certain beneficiaries the right to select belongings or direct the trustee to liquidate the personal property and distribute the proceeds.

If any language is unclear, consult the attorney assisting with the trust administration. It is much easier to resolve questions before property has been distributed than to address a disagreement after an item is gone.

Make note of:

Items specifically left to a named person

Instructions for dividing personal property

Any authority granted to the trustee to sell or donate property

Beneficiaries who must be notified or consulted

Any deadlines or conditions affecting the administration

Once you understand the trust’s instructions, you can establish a process that applies consistently throughout the home.

Secure the Home and Its Contents

A vacant or partially occupied home can become vulnerable very quickly. Family members, neighbors, caregivers, service providers and former tenants may all have keys or know how to enter the property.

Consider changing or rekeying the locks, securing windows and exterior doors, collecting garage-door remotes and limiting access to people authorized by the trustee. If the home has an alarm or camera system, confirm that it is operating and that you have control of the account.

Continue maintaining appropriate homeowners' insurance, utilities, landscaping and other essential services while the property remains in the trust. If the home will be vacant, notify the insurance company so you can confirm that the existing coverage remains appropriate.

Document the Property Before Anything Is Moved

Create a photographic or video record of the home before belongings are distributed or removed. Walk through each room, closet, cabinet, garage and storage area. Capture the overall condition of the property as well as jewelry, collections, artwork, tools, electronics and other items that may attract questions later.

This record does not have to identify and value every household object. Its purpose is to show what was present and its general condition at the beginning of the process.

Also look for property that should be handled separately, including:

Trust, financial and tax records

Personal identification and legal documents

Photographs, letters and family memorabilia

Prescription medications

Firearms or other regulated items

Leased, rented or borrowed property

Safe-deposit-box keys, vehicle titles and spare keys

Digital devices that may contain personal information

Keep important documents and sensitive property in a secure location while decisions are being made.

Establish a Clear Process for Beneficiaries

Communicate the process before beneficiaries begin selecting or removing belongings. Explain what the trust requires, what decisions have already been made and how requests for specific items will be handled.

If beneficiaries are permitted to select property, maintain a written record of what each person receives.

Depending on the terms of the trust and the value of the item, you may also need to document whether that property is considered part of the beneficiary’s distribution.

Avoid informal arrangements in which people enter the home and take what they want without the trustee’s knowledge. Even when everyone has good intentions, undocumented removal can create confusion and suspicion later.

Consistency is important. The same opportunity and decision-making process should be applied according to the trust’s instructions rather than changing the rules from one person to another.

Separate What Will Be Kept From What Will Be Sold

After specific gifts and beneficiary selections have been addressed, identify the property that will remain for liquidation.

Smaller personal items should be removed from the sale areas. Larger furniture or objects that must remain in place should be clearly marked Not for Sale and identified in writing before estate-sale preparation begins.

Avoid using an estate sale as an opportunity to decide at the last moment whether belongings should be kept. Once the home is being organized, staged and priced, removing items can disrupt the inventory, displays and overall sale strategy.

The more completely these decisions are made beforehand, the easier it is to prepare the home and maintain a clear record for the trust.

Recognize the Difference Between
Value and Selling Price

One of the most difficult parts of managing personal property is understanding what belongings are worth in today’s market.

Purchase price, sentimental value, insurance value, appraisal value and estate-sale value are not the same. An item may have been expensive when purchased but have limited demand today. Another object that appears ordinary may be collectible because of its maker, age, design or rarity.

If something appears potentially significant, it may warrant additional research, authentication or evaluation by an appropriate specialist. Bring unusual items, known collections and anything of concern to our attention during the consultation so we can help identify an appropriate next step.

Most furniture, décor, tools, clothing, kitchenware and ordinary household goods are priced according to their condition, current demand, local market activity and professional estate-sale experience. An estate sale takes place within a limited number of days and serves buyers in the surrounding market, so the results may differ considerably from online asking prices or formal appraisal values.

Avoid Selling the Best Items Too Early

It may seem helpful to sell jewelry, collectibles, tools or desirable furniture individually before arranging the estate sale. However, removing the strongest items can reduce the appeal of the remaining sale.

Quality photographs and a varied inventory help attract serious buyers. Those buyers may come for one featured item but purchase several other things while they are there. When the most marketable property has already been removed, the estate sale may generate less interest and fewer sales overall.

Before selling items separately, consider how doing so may affect the larger liquidation strategy. In some cases, a specialized selling method is appropriate. In others, keeping desirable items together may produce a stronger estate sale.

Maintain an Administration File

Keep the information relating to the personal property together with the trust’s other administration records.

Depending on the circumstances, that file may include:

The initial photographic or video walkthrough

Written communications with beneficiaries

Records of property distributed to beneficiaries

Appraisals or specialist evaluations

The estate-sale agreement

Available inventory and sale documentation

Donation information, when applicable

Receipts and records of expenses

The final proceeds received by the trust

When applicable, Bonjour Estate Sales provides an inventory list of items priced at $50 or more.

Because an estate sale may include hundreds or thousands of individual objects, these records are estimates and may not reflect every item sold or removed. They nevertheless provide useful documentation for the trustee’s files.

How Bonjour Estate Sales Can Help

We understand that a successor trustee is not simply emptying a house. You are carrying out someone’s wishes, managing property that belongs to the trust and making decisions that may need to be explained to beneficiaries later.

Our role begins with a consultation at the home. We look at the contents, discuss what has already been distributed or reserved and help you determine whether an estate sale is an appropriate option.

When you move forward with us, we manage the estate-sale process from preparation through the conclusion of the sale.

Our services may include:

Assessing the home’s contents and overall sale potential

Researching, organizing, staging and pricing the merchandise

Professionally photographing and marketing the sale

Staffing and managing the sale

Providing available sale documentation

Discussing options for eligible items remaining after the sale, as provided in the estate-sale agreement

Our goal is to create an organized, professionally managed process that protects the integrity of the sale while giving the trustee clear information and a reliable point of contact.

The Process Begins
With a Conversation

Every trust, home and family is different. Some trustees live nearby and have already spent months working through the property. Others live out of state and are seeing the home for the first time after accepting the role. Some families agree easily, while others need a more carefully documented process.

You do not need to determine every detail before requesting a consultation. We can look at what is in the home, learn what has already been decided and help you understand the estate-sale options available for the remaining personal property.

Ready to Talk Through Your Responsibilities?

Schedule a complimentary consultation to discuss the home’s contents, your timeline, and how an estate sale may fit into your responsibilities as a trustee, personal representative, or executor.

Every home and situation is different, but our pricing is straightforward. Review our services and fees to learn what’s included and what you can expect before scheduling a consultation.

Services & Fees

This guide provides general information about handling personal property held in a trust. It is not legal, tax or accounting advice. Trustees should review the trust document and consult their attorney, accountant or other professional advisers when questions arise.

A Better Estate Sale Experience

Managing Personal Property as a Successor Trustee

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The following guidance can help you begin.

Before belongings are removed, distributed, donated or sold, review the trust carefully. It may provide instructions for specific items, give certain beneficiaries the right to select belongings or direct the trustee to liquidate the personal property and distribute the proceeds.

​

If any language is unclear, consult the attorney assisting with the trust administration. It is much easier to resolve questions before property has been distributed than to address a disagreement after an item is gone.

​

Make note of:

​

Items specifically left to a named person

Instructions for dividing personal property

Any authority granted to the trustee to sell or donate property

Beneficiaries who must be notified or consulted

Any deadlines or conditions affecting the administration

​

Once you understand the trust’s instructions, you can establish a process that applies consistently throughout the home.

A vacant or partially occupied home can become vulnerable very quickly. Family members, neighbors, caregivers, service providers and former tenants may all have keys or know how to enter the property.

​

Consider changing or rekeying the locks, securing windows and exterior doors, collecting garage-door remotes and limiting access to people authorized by the trustee. If the home has an alarm or camera system, confirm that it is operating and that you have control of the account.

​

Continue maintaining appropriate homeowners' insurance, utilities, landscaping and other essential services while the property remains in the trust. If the home will be vacant, notify the insurance company so you can confirm that the existing coverage remains appropriate.

Document the Property Before Anything Is Moved

​

This record does not have to identify and value every household object. Its purpose is to show what was present and its general condition at the beginning of the process.

Also look for property that should be handled separately, including:

​

Trust, financial and tax records

Personal identification and legal documents

Photographs, letters and family memorabilia

Prescription medications

Firearms or other regulated items

Leased, rented or borrowed property

Safe-deposit-box keys, vehicle titles and spare keys

Digital devices that may contain personal information

Keep important documents and sensitive property in a secure location while decisions are being made.

Establish a Clear Process for Beneficiaries

Communicate the process before beneficiaries begin selecting or removing belongings. Explain what the trust requires, what decisions have already been made and how requests for specific items will be handled.

​

If beneficiaries are permitted to select property, maintain a written record of what each person receives.

​Depending on the terms of the trust and the value of the item, you may also need to document whether that property is considered part of the beneficiary’s distribution.

​

Avoid informal arrangements in which people enter the home and take what they want without the trustee’s knowledge. Even when everyone has good intentions, undocumented removal can create confusion and suspicion later.

​

Consistency is important. The same opportunity and decision-making process should be applied according to the trust’s instructions rather than changing the rules from one person to another.

Separate What Will Be Kept From What Will Be Sold

After specific gifts and beneficiary selections have been addressed, identify the property that will remain for liquidation.

​

Smaller personal items should be removed from the sale areas. Larger furniture or objects that must remain in place should be clearly marked Not for Sale and identified in writing before estate-sale preparation begins.

​

Avoid using an estate sale as an opportunity to decide at the last moment whether belongings should be kept. Once the home is being organized, staged and priced, removing items can disrupt the inventory, displays and overall sale strategy.

​

The more completely these decisions are made beforehand, the easier it is to prepare the home and maintain a clear record for the trust.

Recognize the Difference Between Value and Selling Price

One of the most difficult parts of managing personal property is understanding what belongings are worth in today’s market.

​

Purchase price, sentimental value, insurance value, appraisal value and estate-sale value are not the same. An item may have been expensive when purchased but have limited demand today. Another object that appears ordinary may be collectible because of its maker, age, design or rarity.

​

If something appears potentially significant, it may warrant additional research, authentication or evaluation by an appropriate specialist. Bring unusual items, known collections and anything of concern to our attention during the consultation so we can help identify an appropriate next step.

​

Avoid Selling the Best Items Too Early

It may seem helpful to sell jewelry, collectibles, tools or desirable furniture individually before arranging the estate sale. However, removing the strongest items can reduce the appeal of the remaining sale.

​

Quality photographs and a varied inventory help attract serious buyers. Those buyers may come for one featured item but purchase several other things while they are there. When the most marketable property has already been removed, the estate sale may generate less interest and fewer sales overall.

​

Before selling items separately, consider how doing so may affect the larger liquidation strategy. In some cases, a specialized selling method is appropriate. In others, keeping desirable items together may produce a stronger estate sale.

Maintain an Administration File

Keep the information relating to the personal property together with the trust’s other administration records.

Depending on the circumstances, that file may include:

​

The initial photographic or video walkthrough

​

Written communications with beneficiaries

​

Records of property distributed to beneficiaries

​

Appraisals or specialist evaluations

​

The estate-sale agreement

Depending on the terms of the trust and the value of the item, you may also need to document whether that property is considered part of the beneficiary’s distribution.

Recognize the Difference Between
Value and Selling Price

The Process Begins
With a Conversation

Every home and situation is different, but our pricing is straightforward. Review our services and fees to learn what’s included and what you can expect before scheduling a consultation.