When It’s Time to Divide Personal Property
Even the smallest of trinkets can divide a close family upon the death of a loved one. When it comes down to division of personal property, no matter how well you think your family will cooperate or “get along,” I promise you, it’s best to not take a chance on everything going smoothly. Feelings will be hurt, someone will be dominating the situation and everyone will end up with a bad taste in their mouth. Don’t let this happen to you.
Working in the estate sale industry, I’ve seen just about every scenario you can think of that can rip a family or friends apart, taking that lifetime relationship and turning it into one that will forever be changed, and not for the better. Emotions are at their highest level - guilt, love, loss and even greed all can come into play resulting in fixation on certain items that one feels they deserve to have or must have at all costs.
You can take steps NOW to help your family in this situation or, if you find yourself dealing with loss and the difficult task of who gets what, there are ways to cope, organize and finish the task at hand…all while being respectful to the loved one who has passed and, working in the best interests of your family.
Here are some tips to get started from Alsop Elder Law (link is below):
•List the most important or valuable items in your will.
•Direct that certain items be sold.
•Write a memorandum. You can write a list of who should receive what item.
•Give everything away now
•Get an appraisal.
•Use a lottery.
If your loved one has passed, here is some of the best advice I’ve read anywhere from Burner Law (link is below):
•Leave spouses or significant others at home.
•Agreement with your siblings that dividing the personal property will not tear you apart.
•Encourage each beneficiary to communicate what is most important to them.
•Decide on a process such as taking turns picking items
•Give items of real monetary value
•Things that are impossible to split should be sold. Please read that again.
Appraisals, liquidation by tag sale or auction and working with your family for assistance in division of assets are all services I offer. If you need help, call me today at 704-575-1962.
https://www.alsopelderlaw.com/how-to-divide-up-personal-possessions-without-dividing-the-family/
https://burnerlaw.com/dividing-the-personal-property-of-an-estate/