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In this video tutorial, Paul, the manager of the estates administration department at the law offices of Daniel Hunt, provides guidance for trustees on liquidating assets following a decedent's death. He explains that liquidating assets involves converting hard assets, such as real property and personal belongings, into cash, which is crucial for properly distributing funds to beneficiaries and completing estate administration. Paul identifies three main types of property that require liquidation: real property (real estate owned by the decedent), tangible personal property (items like automobiles, furniture, heirlooms, and collectibles), and intangible personal property (including stocks, bonds, and certificates of deposit).