Personal property and family heirlooms
 If
there’s one area that can lead to problems and disputes
among family members, it’s deciding who gets what of
the personal property and family heirlooms.
Who of the three daughters gets that beautiful diamond ring?
Which of the children gets that painting over the mantelpiece?
Who gets the grandfather clock that’s been in the family
for 3 generations? And on and on.
Think about it. Are there things you own that you’d
like to pass along to someone specific when you die? Or that
you know your children would like to receive?
Provisions for passing things along are called bequests and
there are various ways of making them. Verbally, written notes,
a tape recorder, even labeling instructions right on the objects
themselves. But the safest way is to include the bequest in
the Will – that way it’s legally binding.
It’s also a good idea to discuss these things with
the people involved. Sometimes an item that you think is very
important to someone may actually mean very little to them.
And vice-versa. Something you place little value on could
be treasured by one of your children for sentimental reasons.
The important thing is to at least think about these things
when you’re preparing your estate plan. If you want
to avoid disputes, hard feelings or disappointments among
your family, it’s the wise thing to do.
Please keep in mind that this information on Wills is in
no way complete. It is simply an overview and does not deal
with many of the legal issues involved in creating a Will.
Important information about our financial planning services can be found at the bottom of our
homepage.
|
