Saturday, May 28, 2016
Executors, do your research before disposing of small items
Posted by Lynne Butler
An executor who sells an item for less than its actual value might find that the beneficiaries who ended up getting less inheritance because of the executor's actions are willing to force the executor to replace that lost value from the executor's own pocket. This is certainly allowable under law, but of course it's not a pleasant transaction. So executors, be wary when disposing of estate goods.
With that in mind, if you were an executor, would you think that used videos with outdated technology were valuable? I bet many of you wouldn't. But recently a story was carried in the news saying that some (not all) used VHS tapes are being sold for $1,000 each. Check out this story for more information on which tapes are being sold, and what they are fetching on the market.
It just goes to show that executors who want to avoid being sued really need to take their time and do their research, even with the small stuff.