Disposition of Personal Property

12/16/2013

According to the Wall Street Journal, baby boomers are more likely to be concerned with their heirs inheriting personal keepsakes and family heirlooms instead of money. One of the major problems contributing to the distribution of these personal keepsakes lies with the failure of recording who gets what, which triggers family conflict. Here are four steps or things to consider to avoid the family conflict.

  1. Create a comprehensive estate plan with a memorandum or list explaining who gets what (and be specific).

  2. Discuss who gets what with the family and work out the kinks before death. In other words, make your choice regarding who gets what and make it public.

  3. Consider avoiding playing favorites post mortem and consider showing that affection before death.

  4. Consider hiring a professional executor (personal representative) to keep things fair, and have someone who can serve if things get complicated legally.