The passing of family heirlooms from one generation to another should be a welcome tradition in most families, but unfortunately, this process can cause long-lasting family rifts. In fact, you may be surprised to discover that far more family conflicts happen as a result of “things” than money.
If you don’t want that to happen in your family, here’s what you can do as part of your estate planning:
1. Add specific designations to your Will and/or Trust.
Typically, a will or trust will specify that all personal property goes to the “residue” and is split equally between all heirs. However, you may want to get more specific with items that are already family heirlooms or that you want to become family heirlooms.
Create a list of your family heirlooms, assign names to each item, and share that list during a family gathering. This list (formally called a “personal property memorandum”) can then be incorporated into your will or trust, so it becomes legally binding.
2. Make it fun.
Indicate in your will and/or trust that you want your family to make it a game and “auction off” your special items. Each family member can be given “credits” to use to “bid” on the items they want. Or you could suggest that items be chosen round-robin style with each family member getting to make one choice (starting with youngest or oldest, as designated by you) before going back around for family members to make their second choice. Family members can also trade amongst themselves.
3. Give it away during life.
One of the best ways to ensure your family doesn’t fight after you’re gone is to give away family heirlooms during your lifetime. This creates even more connection with your loved ones.
4. Leave a recorded legacy.
We’ve found the best way to pass on more than just your money is to record a story associated with each one of your family heirlooms. Include where the heirloom came from, who you’re passing it onto, and the special significance it has to you. This recording is likely to become the most valuable asset you leave behind.
We help families through thoughtful and purposeful estate planning. Call our office today to schedule a time to talk!
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com