real estate (house, condo, townhome, vacation home, commercial real estate, etc)
household items (furniture, TVs, clothes, etc)
jewelry and other personal items
artwork and collections
If the will has designated that specific assets (such pieces of jewelry) will go to specific beneficiaries, you can distribute those directly.
With all of the other assets, however, you’ll need to liquidate them at fair market value. With higher-value items, it can be helpful to get an independent appraisal, so that you’re certain that you’re selling the asset for what it’s worth.
As you sell off assets from the estate, you’ll put the proceeds from the sales into an estate bank account. From this estate account, you’ll pay off all of the debts that the estate owes (including funeral expenses, medical bills, creditors, tax liabilities, etc).
At that point, you can then distribute the remaining funds to the beneficiaries, according to the terms of the will.