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Paul, the manager of the estates administration department at the law offices of Daniel Hunt, offers guidance for trustees on liquidating assets after a decedent's death. Liquidating assets involves converting real property and personal belongings into cash, which is crucial for preparing to distribute funds to beneficiaries and complete the estate administration. There are three main types of property to liquidate: real property (real estate owned by the decedent), tangible personal property (such as vehicles, furniture, heirlooms, clothing, jewelry, and collectibles), and intangible personal property (including stock certificates, bonds, and CDs). The process of liquidation is essential for effective trust and estate administration.
