The loss of a friend, family member, or other loved one is never easy. Every situation is unique and has its own challenges. It’s easy to feel lost, confused, and unsure of what to do next. This is especially true when you settle an estate or think about whether to sell an inheritance.
At Samuelson’s Buyers, we’ve bought gold, silver, diamonds, and other valuables for almost 100 years. Throughout that time we’ve worked with thousands of people, many of whom weren’t sure if they were ready to sell an inheritance.
That’s what we want to talk about today. We can’t answer the question, “Is it ok to sell an inheritance?” But we can help guide you and help you make a decision you’re happy with.
Is There Sentimental Value?
When you receive an inheritance it might have serious sentimental value. Imagine a grandfather’s watch, a favorite aunt’s jewelry, or anything else with fond memories and sentimental value.
It’s impossible to assign a monetary value to an item with incredible sentimental value. So before you think about whether you should sell an inheritance, ask yourself how much sentimental value the item holds. Can you imagine yourself without the inherited item? Do you look forward to sharing the item with your own children one day? The answers to these questions can help guide your decision.
If you’re still not sure, the next step is to learn more about the item. Find out what it may be worth and whether it’s a collectible, for example.
What’s the Market Value?
The item you’ve inherited might have significant value, especially if it’s an antique collectible or contains valuable precious metals and gemstones. How much is it worth? There are a few ways to get a ballpark estimate of what an inherited item might be worth. However, there’s only one way to know for sure:
- Ebay – Depending on what you’ve inherited, start on Ebay. Make sure to look at only items that have actually sold. This is a good starting point that only provides a rough estimate, especially for rarer items that might not go on the market very often.
- What’s This Worth – This forum on Reddit isn’t a bad place to search. Just take the answers with a grain of salt. There’s no way to know for sure that the information from an anonymous online forum is truly reliable.
- A Local Trusted Buyer – An evaluation from a local, trusted buyer is simply the best way to get the answers you need. We’ll answer your questions and will buy your item for the best price of anyone in the Washington, DC area. Our trusted buyers are certified diamond experts, and also specialize in evaluating watches, diamond jewelry, coins, and much more.
Once you know what someone will pay for the item you’ve inherited, the question to sell an inheritance may remain unanswered. Your item might be worth much more (or much less) than you imagined. This leads us to our next question:
Is The Value Likely To Change?
The market for antiques, collectibles, and even precious metals like gold and silver, can be volatile. Your item might appreciate (or depreciate) significantly the longer you hold on to it. At Samuelson’s Buyers, our experts can help you understand the current market price and will offer an honest estimate of what may happen in the future.
Remember, we’re not fortune tellers and nobody can predict exactly what will happen down the road.
Our best advice is to avoid timing the market and to make a decision based on today’s market. A long-term investment in an index fund will offer steadier, less volatile returns for most people. Gambling on the future value of an inheritance is often just that: gambling.
When You Sell an Inheritance, What Will You Do With the Proceeds?
If you’re still struggling to decide whether to sell an inheritance, that’s OK. Even when you know the value of the item might not make the decision easier. You should ask yourself what you’ll do with the money you receive, should you decide to sell an inheritance.
- Will you pay off debt?
- Plan for retirement?
- Invest in your family’s future– like your children’s education?
- Spend it on a vacation or other luxury for yourself?
There’s no right or wrong answer! Ask yourself if the person who left you the inheritance would want you to hold on to it or put it to use? Again, we can’t answer this question for you, but it is worth thinking about.
What Will Make You Happiest?
Finally, reflect and ask yourself: will I be happier if I sell an inheritance? When you’re still in mourning or grieving you might not be ready to answer that question honestly. Which leads us to our final advice:
Do you absolutely need money now? Are sure the time is right to sell an inheritance? If not, take a minute to breathe and don’t make a decision you’re not 100% comfortable with.
Contact Samuelson’s Buyers to Sell an Inheritance
Are you thinking about whether it’s time for you to sell an inheritance? If you live in the DC, Virginia, and Maryland area, we can help. Contact one of our trusted buyers today. Schedule a free, confidential, no-pressure evaluation.
We’ll answer all of your questions and help you make the decision that is right for you. Whether you’re ready to sell an inheritance or not– we’re here to help you.
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