The passing of household treasures from one generation to another ought to be a welcome tradition in the majority of households, but regrettably, this procedure can cause long-lasting household rifts if not done appropriately. There are many stories of families that have actually divided over a silver tea service or a portrait of a long-dead ancestor.
If you don’t desire 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 are aware of the value of having a will, but if you have family heirlooms to pass on, it is important that you execute a will. It needs to be as particular as possible, with information about each product and who gets it. Just stating that treasures should be “divided equally” can result in a family feud.
In some states, you can include a “no-contest” provision into your will that will automatically disinherit any heir that contests a will. Florida does not acknowledge no-contest clauses and courts here have discovered them unenforceable.
Create a list and share it.
All too typically children will discover after Mommy or Papa has actually passed that the Tiffany light was guaranteed to more than one brother or sister. This is why it is very important to develop a list of your household treasures, appoint names to each product and share that list during a household gathering while you’re still alive and well. This list can then be integrated into your will or trust, so it ends up being lawfully binding.
Trust an executor.
If you simply can not decide regarding who gets what, then you can leave it in the hands of your executor to make that circulation. Just make certain 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 place the possessions in trust for heirs or to hold a family “auction” where each kid is provided numerous credits they use to “bid” on the products they want. It’s an innovative way to head off a family fight if you see one looming.