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In this tutorial, Paul, the manager of the estates administration department at the law offices of Daniel Hunt, offers guidance for trustees managing the distribution of a decedent's assets. He explains that liquidating assets—converting them into cash—is crucial for trust and estate administration, as it prepares funds for beneficiaries. The three main types of property to liquidate include: 1) Real property, such as real estate owned by the decedent; 2) Tangible personal property, which encompasses items like vehicles, furniture, heirlooms, and collectibles; and 3) Intangible personal property, consisting of financial instruments like stocks, bonds, and certificates of deposit. Paul then proceeds to provide further insights into the liquidation process.
