5 Tips to Prevent Family Feuds Over Personal Property
When it comes to an inheritance, sentimental items are just as likely to spark a family fight as money. Here are five tips to prevent family feuds over personal property:</p>
1. Inventory all property. You need to make a careful list of all personal property since it is not unheard of for family members to "walk off" with something in the days following the death of a loved one. Provide the list to your estate planning attorney.
2. Share the list with family. After you have finished your inventory, share the list with family members and ask them what they want from the list. Having a family meeting for an open discussion can prevent acrimony among siblings.
3. Have your property appraised. If you have an art collection or items that have greater value than others, have that property appraised so you can equalize your distribution among your children.
4. Appoint a tiebreaker. If you suspect there will be disagreement over the distribution of your personal property, appoint your executor or another impartial person as the tiebreaker.
5. Create a personal property memo. Write up a personal property memo that describes each item and names the beneficiary and keep it with your will. You should also mention the existence of the memo in your will.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0041.