Grief causes people to react in ways we wouldn’t expect or anticipate. Things that seem small, personal mementos and items of sentimental value, are often the biggest cause of family fighting. Whole estates have been drained as children spend money on hiring attorneys and fighting over assets rather than each taking a portion. Once, a family inheritance of $1.2 million dollars was drained because the children couldn’t agree on who should get dad’s vintage record cabinet and record collection. While the children were able to come to unanimous and amicable decisions on the house, bank accounts, and other large monetary assets, the “small stuff”, the personal property, is what caused the largest problem. While the record cabinet and records did not hold much monetary value, the sentimental value was priceless.
The dad in the above case did have a Will, which left everything to his children equally. However, the personal property was to be divided among the children as they agreed, and the children could not agree. Dad should have left a personal property memorandum (a letter or list) that gave specific items to specific children. While we cannot foresee all personal assets that may cause a fight, a piece of jewelry that is always worn, antique furniture, or family heirlooms should be designated specifically. If there is a particular piece of personal property that your children have expressed an interest in, or that you suspect may be desired by more than one person, you should direct how you wish that specific piece of property to be distributed. While your children may not be happy with how you choose to leave that property, at least it will be clear as to what should be done with it.
Other ways to leave personal property include: assigning a color to each child and putting stickers of that color on the item, let each child select an item in a specific order (i.e.- oldest child selects first, etc.), draw numbers for who gets to select items first, give each beneficiary a set amount of “money” (monopoly money or poker chips) and let them bid on the items, and finally, name one person (preferably a non-family member or another non-interested party) to be the final arbitrator if the beneficiaries cannot reach a decision.
While there is no way to assure probate is completely conflict-free, there are ways to minimize disputes. A good estate plan is not just comprised of a Will, but takes a comprehensive look at your assets and makes a plan to address everything. Call us today at (678)781-9230 to schedule an appointment.
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