Q&A: Finding someone to sell your stuff after you’re gone

Dear Liz: I have a question on how to have my affairs managed after I die. I am single, with no children or living relatives, so finding someone to handle my estate is a challenge. Do you have a recommendation for where I can find a person or business, such as a bank’s trust department? I have a living trust but need to have someone sell all my assets (many are collectible and worth the extra effort in their sale). Do I need to go through probate just to ensure none of my assets are “lost” by the executor? Should I make a list of valuable items that would easily be omitted from the sale and distribution? To ensure all items are accounted for, to whom would I now provide the list?

Answer: Your living trust should name a successor trustee who can take over managing your affairs if you should become incapacitated or die. The successor trustee will be the one who will pay your final bills and sell or distribute your stuff after you’re gone. A list of your valuable items, along with the names of experts who can help with their sale, could help with that process. You can store that information with your living trust.

The person you choose doesn’t need to be a collectibles expert or even particularly financially savvy as long as they’ve got common sense and integrity. Successor trustees can hire any help that they need.

But this should be a person you trust completely because you’re putting a lot of power and discretion in their hands. If you’re worried this person will “lose” or mishandle your estate, you probably should choose someone else or reconsider having a living trust. Allowing your estate to go through probate instead would provide at least some court supervision of an estate’s distribution.

You may be able to hire a successor trustee. Bank trust departments can serve as successor trustees, but they tend to charge significant fees and are unlikely to want the job if your estate isn’t substantial. Another option might be a private trust services company or a professional fiduciary. Neither are exactly cheap, but they’re likely to be less expensive than a bank. Any of these options require making arrangements in advance — you can’t just name a company or fiduciary and expect them to take on the work.