When a loved one passes away, it can be a challenging time filled with grief and sadness. On top of the emotional burden, many people find themselves with a financial burden as well, whether it’s paying for funeral costs or other debts.
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. We can’t answer the question, “Is it ok to sell an inheritance?” But we can guide you and help you make a decision you’re happy with.
Is it Wrong to Sell Inherited Items?
The answer to this question depends on the individual and their financial circumstances for selling an inheritance. For some people, selling jewelry after a death is a way to cope with the added financial stress that can come with a loss. It can also be a way to honor the deceased by using the proceeds to help a family member or to fund a memorial fund in their name. For others, selling jewelry after a death may be a way to keep cherished items in the family, as the proceeds can be used to purchase other items from the deceased’s estate.
“Although selling your jewelry can be an emotional experience, sometimes you have to think of it as an asset that can be put to use in other ways.
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.
In many cases, it is not wrong to sell inherited jewelry after a death. Remember, this is a personal decision and should be made with respect and understanding for the deceased. It is important to remember that the jewelry may be a cherished reminder of your loved one, so it’s important to consider:
- The emotional impact of selling an inheritance
- Your attachment to the inherited items
- How selling the jewelry may affect the family
It’s often 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 to you. 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.
How Much is Your Inherited Item Worth?
If you’re still not sure if you should sell, 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. It is also important to consider the potential monetary value of the jewelry, as it may be significant, or not worth the additional heartache.
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?
Once you understand how much your item is worth to you, you may find that selling will add more value to your life than if you held on to the item.
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.
When is the Right Time to Sell an Inheritance?
There’s no right or wrong answer to this question, this is a case by case situation. But, you should know that 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.
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.
If You Want to Sell, Sell the Right Way
We at Samuelson’s Diamonds & Estate Buyers can offer professional advice for selling inheritance jewelry. Our experts are happy to evaluate your loved one’s jewelry, educate you on the state of the industry, and discuss a fair offer with you — We know there are emotions involved in selling inheritance jewelry and we will help you weigh the sentimental value against the real value, so there is no guilt and regret after selling an inheritance. We want you to feel good about your choice and know that you are always free to walk away.
Are you considering selling an inheritance? If you live in the DC, Virginia, or Maryland area, we can help. Contact one of our trusted buyers today or give us a call at 410-837-0290 to 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 support you!
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