The passing of household treasures from one generation to another must be a welcome custom in most families, however sadly, this procedure can trigger lasting family rifts if not done appropriately. There are lots of stories of households 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 people know the value of having a will, but if you have family heirlooms to pass on, it is vital that you perform a will. It should be as specific as possible, with information about each item and who gets it. Simply stating that treasures should be “divided equally” can lead to a household feud.
In some states, you can consist of a “no-contest” clause into your will that will instantly disinherit any beneficiary that contests a will. However, Florida does not recognize no-contest stipulations and courts here have discovered them unenforceable.
Create a list and share it.
All frequently children will discover after Mother or Dad has actually passed that the Tiffany lamp was guaranteed to more than one brother or sister. This is why it is necessary to produce a list of your household treasures, appoint names to each item and share that list throughout a family event while you’re still alive and well. This list can then be included into your will or trust, so it ends up being lawfully binding.
Trust an executor.
If you simply can not make a choice as to who gets what, then you can leave it in the hands of your executor to make that circulation. Just be sure the person you select as your administrator has good mediation skills.
Conduct an auction.
Some individuals choose to either liquidate the treasures at auction and place the properties in trust for heirs or to hold a household “auction” where each kid is given many credits they utilize to “bid” on the products they desire. It’s an imaginative way to avoid a household fight if you see one looming.