The passing of household treasures from one generation to another need to be a welcome custom in a lot of families, however regrettably, this process can cause long-lasting household rifts if not done appropriately. There are lots of stories of families that have split over a silver tea service or a picture of a long-dead ancestor.
If you don’t want that to happen in your family, here’s what you can do as part of your estate planning:
Be sure to have a will.
Most people are conscious of the importance of having a will, but if you have family treasures to pass on, it is important that you carry out a will. It must be as particular as possible, with information about each item and who gets it. Merely specifying that treasures need to be “divided equally” can lead to a household feud.
In some states, you can include a “no-contest” stipulation into your will that will automatically disinherit any beneficiary that contests a will. Florida does not acknowledge no-contest provisions and courts here have found them unenforceable.
Create a list and share it.
All too typically kids will find after Mama or Dad has actually passed that the Tiffany light was guaranteed to more than one sibling. This is why it is necessary to produce a list of your household treasures, assign names to each product and share that list throughout a household gathering while you’re still alive and well. This list can then be incorporated into your will or trust, so it ends up being lawfully binding.
Trust an executor.
If you simply can not make a choice regarding who gets what, then you can leave it in the hands of your administrator to make that distribution. Simply be sure the person you pick as your administrator has great mediation skills.
Conduct an auction.
Some individuals elect to either liquidate the treasures at auction and location the assets in trust for heirs or to hold a family “auction” where each kid is given numerous credits they utilize to “bid” on the products they want. It’s an innovative way to head off a household fight if you see one looming.