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If your debts are considered heavier than your declared assets, or are more than you can allow for repayment, you might have to liquidate, or sell, your assets.

Upon liquidation, your assets are converted into cash, or sold to cover your debts.

When is the time to consider the asset liquidation process?

The three main reasons businesses consider liquidating assets are 1) when assets are no longer needed (surplus assets), 2) the business needs additional working capital, or 3) to satisfy creditors.

When it comes to assets, there are two classifications: personal and real estate.

There are two possible scenarios when liquidating securities: The quickest way to sell real estate at the highest price is to have the property listed with a reputable broker.

If the decedent specifically bequeaths or devises an asset, or leaves a piece of real estate by will, the executor or administrator can’t sell it unless it’s necessary to pay the decedent’s debts or estate expenses.

There are several possible reasons for liquidating assets before distribution of the estate residue (what’s left over after paying all debts, expenses, taxes, and specific bequests and devises) including: Most stocks, bonds, and other securities are held in brokerage accounts.

The process for selling securities, like stocks and bonds, depends on how the decedent held these assets while living.

When liquidating real estate, you should always hire a broker and obtain any necessary probate court approval.

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