Article: Estate Distribution

July 20, 2009

Which child gets Mom’s China?

The distribution of family belongings causes more feuds.  To avoid hurt feelings that can last a generation, following these steps for dividing up the memorabilia of a lifetime.

Assess the value.  Have an appraiser put a dollar amount on every item of monetary value.  Later, add up the value of the items assigned to each family member.  The highest amount becomes a benchmark.  The other family members take money from the estate to match it.  To find an accredited appraiser in your area, go to www.appraisers.org.

Agree on a Plan.  One popular strategy is to gather items of similar monetary or sentimental value and let each heir pick a piece from the group.  Use a random method, such as drawing straws, to determine who goes first.  Switch the order for each go-round.

Have your say.  Before you start choosing, ask family members to write down the five items they most want and why they should have them.  You may be surprised to find that everyone covets a different treasure, or that someone else’s reason trumps yours.

Count out spouses.  Only immediate heirs should deal with the division of possessions.  That covers grandkids.  If they want a keepsake, a parent can choose for them.

Think outside the box.  There’s always at least one item that everyone wants, which means you’ll have to come up with a creative compromise.

Pledge to get along.  Most families bring a mix of personalities to the splitting-up process.  Respect your differences and commit to a peaceful outcome.

Read the following books:  The Settlement Game and Who Gets Grandma’s Yellow Pie Plate.

This information is also available at www.stappfinancial.com. To contact us about the newsletter, send an e-mail to bstapp@stappfinancial.com. Before acting on any advice it is recommended to seek appropriate counsel applicable to your individual circumstances.