Many families have certain objects that they consider to be family heirlooms. Whether these items consist of expensive collections or inexpensive trinkets, many family members will place a special importance on these items. A
recent article discusses several ways to avoid family feuds over important heirlooms.
One common problem with distributing family heirlooms is determining a method of equitable distribution. By their very nature some objects will be more valuable than others. One way to avoid argument is to specifically bequest who is to receive certain items. In making a specific bequest, you can group different heirlooms together to leave each beneficiary with a comparable value of items.
You can also dictate that the items will be divided as beneficiaries agree, in shares as equal as possible. This solution can be dangerous if several beneficiaries all want the same item. It is often necessary to have an attorney or other third party preside over the distribution to ensure that it is as fair as possible. If you don’t believe that your beneficiaries can amicably decide on a scheme of distribution, you can have your personal representative divide the items into as many equal lots as there are beneficiaries, than allow the beneficiaries to randomly choose a lot.
If you would like expert assistance with providing for the distribution of your family heirlooms, or for any other estate planning questions, call us at 818.956.9200.