"You Never really know a person
until you share an inheritance with them!" I think most folks
that I talk to will agree to this statement Who gets Grandma's
Yellow Pie Plate? Helps participants to determine who gets what
non-titled property. Everyone has property to transfer.
Non-titled property is when the owner is not identified with a
written document. The first most important item is to sort out
your goals. Goals need to be identified to determine what you
and other co-owners want to happen. Is your goal to, maintain
privacy, improve family relationships, be fair to all involved,
preserve memories or maybe contribute to society? Then your list
of goals can help guide your decisions through the rest of the
personal property transfer process.
While
Grandma's yellow pie plate or Dad's hat collection are simply
material possessions, memories, emotions, and feeling can be
triggered by or attached to such personal belongings. It is
important to recognize the sentimental value person property may
have for some individuals - both current owners and potential
receivers. It's also critical to recognize that for other such
items may not carry much meaning and indeed may be just "stuff."
Decisions about personal property involve value attached to
personal belongings that makes talking about transfers
challenging.
Families need to consider
distribution options and consequences. They must also agree to
manage conflicts if they arise. Perceptions determine what's
considered to be fair. Fair... is not always equal. Equal may
mean an equal number of items, equal dollar value or equal in
emotional value.
When decisions are made prior to
death: the owner decides who receives the property, then special
memories and stories may be shared. When decisions are made
after a death/crisis: the decisions may not accurately reflect
the owner's wishes, and may cause problems and misunderstandings
among heirs.
Options for distribution might
include: lists, will, gifts, verbal promises (need to be written
down), masking tape/labeling items, private auctions,
garage/yard sale, estate items, family distribution, throwing
away or pilfering items. Decisions about the transfer of
non-titled property may be addressed in a separate writing
identifying bequest of tangible property.
Remember: more transfer options
are available when transfers are planned prior to death.
Transferring person property can be a time to celebrate a
person's life - share memories and stories and a way to continue
traditions and family history.
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