4 Ways to Protect Treasures from a Bad Blood
The passing of family treasures from one generation to another must be a welcome custom in many households, but unfortunately, this procedure can trigger long-lasting family rifts if not done appropriately. There are many stories of households that have divided over a silver tea service or a portrait of a long-dead forefather.
If you do not 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 are aware of the significance of having a will, but if you have household heirlooms to pass on, it is crucial that you perform a will. It ought to be as specific as possible, with details about each product and who gets it. Simply mentioning that heirlooms should be “divided equally” can lead to a household feud.
In some states, you can include a “no-contest” clause into your will that will immediately disinherit any beneficiary that contests a will. Florida does not acknowledge no-contest provisions and courts here have actually found them unenforceable.
Create a list and share it.
All too often kids will find after Mama or Daddy has passed that the Tiffany lamp was guaranteed to more than one sibling. This is why it is necessary to develop a list of your family treasures, designate names to each item and share that list throughout a household 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 just can not decide as to who gets what, then you can leave it in the hands of your administrator to make that distribution. Just make sure the person you select as your administrator has good mediation skills.
Conduct an auction.
Some individuals elect to either liquidate the heirlooms at auction and location the properties in trust for heirs or to hold a family “auction” where each child is offered so numerous credits they utilize to “bid” on the products they desire. It’s a creative way to head off a household battle if you see one looming.