The passing of household treasures from one generation to another need to be a welcome tradition in the majority of households, however unfortunately, this process can cause lasting family rifts if not done effectively. There are lots of stories of households that have actually divided over a silver tea service or a picture of a long-dead ancestor.
If you don’t want that to occur in your family, here’s what you can do as part of your estate planning:
Be sure to have a will.
Most individuals understand the significance of having a will, but if you have household heirlooms to hand down, it is important that you carry out a will. It must be as particular as possible, with details about each item and who gets it. Merely mentioning that treasures need to be “divided equally” can result in a family feud.
In some states, you can include a “no-contest” stipulation into your will that will automatically disinherit any heir that contests a will. Florida does not recognize no-contest stipulations and courts here have actually discovered them unenforceable.
Create a list and share it.
All too frequently kids will find after Mama or Father has actually passed that the Tiffany light was guaranteed to more than one brother or sister. This is why it is necessary to create a list of your household heirlooms, assign names to each item and share that list throughout a household gathering while you’re still alive and well. This list can then be integrated into your will or trust, so it becomes legally binding.
Trust an executor.
If you simply can not decide as to who gets what, then you can leave it in the hands of your administrator to make that circulation. Simply be sure the person you choose as your administrator has great mediation skills.
Conduct an auction.
Some people elect to either liquidate the treasures at auction and place the possessions in trust for heirs or to hold a household “auction” where each child is provided a lot of credits they use to “bid” on the products they desire. It’s an imaginative way to avoid a family battle if you see one looming.