; Simplify Your Estate Planning Journey: The Benefits of Preparedness  - jpking

Simplify Your Estate Planning Journey: The Benefits of Preparedness 

June 21, 2023

“Simplify Your Estate Planning Journey: The Benefits of Preparedness 

When it comes to managing an estate, being prepared is key to ensuring a smooth and efficient process. Whether you’re an older client contemplating estate planning or a personal representative entrusted with selling real estate, it’s crucial to understand the pros and cons of preparedness.

In this blog, we’ll explore why preparation is vital and how companies like JP King can help liquidate assets swiftly and efficiently. We’ll also highlight real-life examples from our clients, such as the successful sale of Crossroad Farms in Georgia.

To provide expert insights, we’ll include quotes from JP King’s President, Craig King, who shares his expertise on estate planning and auction strategies.

The Importance of Preparation 

When it comes to managing an estate, being prepared is crucial for a multitude of reasons.

The process of handling an estate involves numerous complex tasks, such as:

  • Tax Planning
  • Asset valuation
  • Property management
  • Legal paperwork
  • Financial considerations

Without proper preparation, these tasks can quickly become overwhelming and lead to potential pitfalls.

Another primary reason for being prepared in estate management is to ensure a smooth transition and minimize the burden on family members or heirs. By proactively planning and making informed decisions about which properties to sell, individuals can prevent their loved ones from inheriting assets that may be difficult to manage or hold little personal value.

For example, a large property may not be easy for an heir to manage all on their own. Especially if they are unprepared, and don’t have experience doing so.

Estate planning allows individuals to assess their assets beforehand and determine which ones are most suitable for disposition, easing the burden on their heirs and ensuring that the distribution of assets aligns with their wishes.

Auctions as an Estate Planning Tool 

Auctions serve as an excellent estate planning tool, particularly for older clients who are contemplating their estate’s future and the properties they should sell. Choosing to auction these properties allows sellers to tap into a wider pool of potential buyers and generate competitive bidding.

By attracting a diverse range of interested parties, auctions increase the likelihood of securing a higher price for the property, maximizing its value.

Moreover, auctions offer a fair and equitable way to dispose of estate properties among multiple heirs.

According to Craig King, President of JP King, “Individual heirs often have different goals and needs when it comes to the inherited properties, ranging from sentimental value to the desire for cash.”

That’s why when JP King estate properties are auctioned, all parties involved have an equal opportunity to bid and purchase the property, just like any other potential buyer. This ensures a fair distribution and allows heirs to make choices that align with their personal circumstances and preferences.

In other words, “When we auction, we reserve the right for individual heirs to buy the property for themselves, just like any other party,” says Craig King.

This inclusive approach ensures fairness and allows heirs to choose the option that aligns best with their preferences.

More Benefits of Auctions for Heirs

But the benefits of auctions for estate planning don’t stop there.

According to Craig King, “Auctions also allow sellers to work with us to devise appropriate approaches and marketing strategies.” By leveraging the auction method with efficient marketing, sellers can attract a broader range of buyers, resulting in competitive bids and higher property values.

In addition, estate auctions often attract significant interest, especially when the property in question was not previously on the market. This can lead to highly successful auctions, as these properties are often unique and desirable to potential buyers.

By capitalizing on the auction process, sellers may also achieve faster sales and reduce the carrying costs and maintenance expenses associated with holding onto the properties for an extended period.

Successful Estate Planning in Action 

To illustrate the power of preparedness and the effectiveness of JP King’s estate services, let’s explore two notable examples: River View Estate in Oregon and Crossroad Farms in Georgia.

  1. River View Estate

River View Estate was a luxurious Oregon property sold by JP King on behalf of the heirs.

With its stunning views and high-end amenities, the estate attracted significant interest, resulting in ten bidders.

The final price of $4.8 Million, reached near the previous list price, which illustrates that the heirs could have sold the property even sooner and avoided additional carrying and maintenance costs on the property.

  1. Crossroad Farms

Crossroad Farms in Georgia showcased another triumph in estate auctioning.

The property, spanning approximately 800 acres, was divided into 40-acre parcels catering to various preferences including home properties, hunting grounds, cabins, riverfront tracts, and stables.

The auction drew over 100 registered bidders, and the lively bidding process generated exceptional results of ours totaling $8.2 Million.

This successful auction exemplifies how JP King’s expertise and strategic marketing can maximize the value of estate properties.

Auctioning Assets with JP King

When it comes to selling assets quickly and efficiently, JP King can help with a clear and time-tested process:

  1. The process begins by contacting JP King to schedule a call or personal visit to evaluate the property’s suitability for auction. Factors such as property quality, location, and market demand are considered to determine if an auction is the appropriate course of action.
  2. Upon agreement, JP King initiates a 60-day marketing campaign and works closely with the client to execute a tailored marketing campaign. This campaign may include reaching out to JP King’s extensive proprietary buyer list and brokers who have potential buyers for the property.
  3. Finally, the auction itself can be conducted online or as a live event, either with or without a reserve price. JP King handles all paperwork and contracts, facilitating a seamless closing process typically completed within 90 days from the listing date.

Bottom Line

Estate planning and asset disposition require preparation to ensure the best outcome for all parties involved. If heirs or estate executors choose to sell their assets, doing so via an auction with JP King can have many benefits, including extensive marketing, non-contingent sales, and the ability to maximize the value of unique properties.

Whether you’re an estate owner, executor, or heir, contacting JP King can help you navigate the complex world of estate planning and achieve your goals efficiently. Please don’t hesitate to contact us today to learn more about how we can help.

 

Click Below to Join us LIVE on Facebook on June 27th at 1pm (CT) to discuss Trusts & Estates and How Real Estate Auction May Apply.  With Special Guest Christie Knowles.

 

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