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Basic Method

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Basic Method

Step 5:  Have the recipients submit bids.

Give each recipient a list of all of the non-cash items that are up for auction.  Have them inspect the items, and write down a bid for each item.  The bids should be sealed and submitted to the record-keeper. 

 

Hints:

  • Before the bidding begins, have the recipients inspect all of the property that will be distributed.

  • Give the recipients as much information as possible about each of the items.  Tell the recipients about the history of any family heirlooms.  Point out any defects or special features in the property being distributed.

  • There's a danger than inexperienced or naive bidders might not bid wisely.  If any of the bidders needs help in developing bids, make sure that he or she gets competent and impartial advice. 

 

 

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Copyright 2004  Lori Alden.  All rights reserved.