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Paul, the manager of the estates administration department at the law offices of Daniel Hunt, offers guidance for trustees on the asset liquidation process following a death. Liquidating assets involves converting the decedent's property into cash, which is crucial for trust and estate administration and prepares for fund distribution to beneficiaries. There are three main types of property to liquidate: 1. **Real property** - includes real estate owned by the decedent. 2. **Tangible personal property** - covers items such as vehicles, furniture, heirlooms, clothing, jewelry, and collectibles found in the residence. 3. **Intangible personal property** - consists of stock certificates, bonds, and CDs. Further steps in the process are outlined next.
