VIEWS: 9 PAGES: 1 CATEGORY: Legal POSTED ON: 6/13/2012
Some of the most contentious fights between family members after a parent dies are not over the big items or the amount of inheritance
When Family Heirloom Threaten an Estate – 3 Tips To Avoid Conflicts Some of the most contentious fights between family members after a parent dies are not over the big items or the amount of inheritance, but rather over the smaller family heirlooms that tend to have more sentimental value than anything else. Avoiding such conflicts should be at least one goal of any good estate plan. Here are several tips you can use to ensure no conflicts arise over family heirlooms. Tip 1: Discuss individual wishes early. Having a discussion about who will receive personal property after a parent dies can be awkward, at best. However, these discussions are vital, if you wish to avoid potential conflicts. Many parents are surprised to find that it's not the large items that children prize most, but rather the heirlooms or the sentimentally valuable pieces that remind the children of a specific time they shared with their parents. Tip 2: Get appraisals. For more valuable property, it's important to establish the exact value, so as not to cause conflict over inheritances later. Hire an appraiser or expert to evaluate all of the personal property before you decide to auction it, sell it in an estate sale, or give it away as an inheritance. Tip 3: Put someone in charge. Many estate battles erupt because there is no one person who has the clear authority to make a decision about a family heirloom. If the parents do not name someone in the estate plan, the children can come to an agreement between themselves about who has the final decision-making authority about any family heirloom. That person can then determine who receives which item. Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate planning and business planning resources to residents of Seattle WA. To learn more about these free resources, please visit http://www.byrdgarrett.com today.
"When Family Heirloom Threaten an Estate – 3 Tips To Avoid Conflicts"