Family Feuds: Keeping the Peace Among Heirs
During the administration of your estate, it is difficult to imagine your heirs
battling over your personal property, but it is understandable when these items
hold priceless sentimental value to the family. When planning your estate
be sure to prepare a Will designating who will get specific belongings.
Another option is to prepare Separate Writing for Tangible Personal Property,
which is referenced in your Will and designates specifically what item will go
to whom. No matter what approach works for you, it is smart to formalize
the decisions.
A great advantage of a Separate Writing is that it can be updated as
circumstances change without having to prepare a new Will. Here are a few other
strategies to consider:
-
Family Auctions
Instead of using cash to bid on items of sentimental value (which are often
of little economic worth, but priceless in sentimental value), each heir
would be given "virtual points" to spend. The virtual points approach
is fair to everyone across the table, instead of bringing cash into the
picture.
-
Round Robin
Using the Round Robin approach, each heir draws a straw
(or highest playing card, highest dice roll, etc.) and whoever wins gets to
pick out one item they would like to have in the particular room. On
each round, a different child/heir gets to choose first. This would go
on for each of the rooms.
-
Labeling System
Another strategy would be to invite your heirs over
(leaving spouses and children at home) to label your tangible items to
designate who gets what. Each child/heir will get a different color
label to place on items. If heirs wanted the same item, it would be
your decision as to who would inherit the item. Or if you prefer, a
simple game of "paper, rock, scissors" could settle the issue. This
approach helps you to know who wants what, but allows you to do as you see
fit based on everyone's input.
-
Spring Cleaning
Want to take care of some items while you're still
alive? As long as the items you are giving and to whom they are going
are clear in your estate planning documents (to avoid family feuds later
on), then feel free to give away! Keep in mind you can gift items (and
cash) to whomever you wish this year up to $12,000 (going up to $13,000 in
2009) without any federal gift-tax consequences.
Grieving the loss of a loved-one is an emotionally draining and healing process.
The last thing your heirs should be fighting over is who gets the Rolex.
You can prevent this with some advance planning.
If you would like to
learn more about Separate Writing for Tangible Personal Property, please contact
our office at (239) 254-0706.
Sincerely,
email: contact@coxnici.com
phone: 239-254-0706
fax: 239-254-0709
web:
http://www.coxnici.com |
