Interesting Things to Know
A will is not always the way – Passing on prized possessions is a tricky affair
You might think that handing down family heirlooms is a problem for the distant future. But you never can tell. One thing you don’t want to do is to drive your family apart, which can happen in a dispute over the silverware or a diamond ring.
A will can’t do it all, but an addendum to a will can be lengthy and explicit. What’s more, you have an opportunity to tell why a certain person should have a certain item. It’s called “a memorandum of personal property.”
You can also use your smartphone to make a quick video. You can make it elaborate or simple. There doesn’t have to be a reason for each piece, but giving one helps others understand your choice.
Before making the video, walk through your home and make a list of items, who gets them, and what you will say. Think about telling the history of an item. This could be a wonderful gift to future family.
Hearing your voice helps heirs to know the choices were really yours.
You won’t be able to cover everything you own, so set a method of distribution for the rest. Heirs could take turns picking a number of items with leftovers going to charity.
Another good idea involves giving some of your stuff away now. It’s especially helpful if you are moving to a smaller place, cleaning out the attic, or moving to a different home where some things won’t fit the decor.
Your kids could take turns selecting; starting with the oldest or youngest or drawing numbers to see who goes first. Then do it in reverse.
