Sell/Discard/Transfer Asset

Sometimes you will sell estate assets so you can pay estate debts, or simply to convert unwanted items into more easily distributed cash.

Simple Sale

To record that you have sold an asset,

  1. Select the Assets tab, and click the "Sold" cell for the given asset.
  2. Enter the date of the sale (note that you cannot enter a date of sale earlier than the date the asset entered the estate).
  3. Enter the amount received.
  4. Press "OK".

EstateExec will automatically create a cash transaction in the Cashflow tab that reflects the addition of the proceeds into the overall estate account. For that matter, you could just record the sales in the Cashflow tab, and it would automatically be reflected in the Assets tab.

Asset Disposal

Sometimes an asset turns out to be basically worthless, no heir wants it, and you need to dispose of it. In such cases you can either simply delete the asset (it's not really an asset if it's worthless), or to follow best practices and have a record of what you did, you can:

  1. Select the Assets tab.
  2. Select the row of the desired asset by clicking its row checkmark in the far left.
  3. Using the buttons along the top of the table, select "Settle..." and choose "Discard".
  4. In the Name field, enter the name of any disposal service you used.
  5. In the Amount field, enter any fees you had to pay the disposal service.
  6. Enter the date of the disposal.
  7. Press OK.

If the asset was a loan from the estate, and you are basically writing it off, you may want to file a Form 1099-C with the IRS. Be careful about writing off loans to heirs: see Heir Debts for preferred approaches.

Transfer

To record the transfer of value from one asset to another (perhaps you are consolidating accounts, or funding the estate account), simply select the desired source asset in the Asset tab and click the Settle | Transfer button at the top of the table.

See also Managing Assets.

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