How to Divide up Family Heirlooms

Step-by-Step Guide

1. 1

   Step 1: Make a will.

   The best decision you can make when dividing heirlooms is to make a will.
   
   While this can be difficult, as it forces all involved to consider your mortality, it can be very beneficial and will ease familial responsibilities after your passing.
   
   Invite all children or siblings you will be including in your will together for a family meeting.
2. 2

   Step 2: Have an open discussion.

   Express your wishes, but consider family desires.
   
   Go through each room and let each family member have the opportunity to discuss the heirlooms.
   
   There might be a necklace that holds very little financial value but one sibling has a strong attachment to it because she wore it on her first date.
   
   Or maybe your brother has an open spot in his house that would make a great display for the china plate collection.This should be a positive time to share happy memories together as a family! , Once it is settled who will receive an item be sure to write down the decision.
   
   Then when you write up your will be very specific about items.
   
   For example don’t write “John gets the china” add details, “John gets the complete Lenox Christmas edition china set, including the candlesticks.” This is not a guarantee that there won’t be any arguments later, but will at least remove any doubt over the person’s wishes., Consider the financial distribution of your heirlooms.
   
   If a child feels “shorted” is likely to be a source of tension and resentment among the family.
   
   An easy way to make things more equal is through the estate sale.
   
   For instance, if you want to divide $10,000 worth of jewelry and china among your daughters, but don’t have any comparable items for your sons, then your sons will receive $10,000 more from the estate sale. , This can either be a family member, or a third party.
   
   Consider your family dynamics in making this decision.
   
   If you know it will cause disharmony to choose one child over another then consider using a third party, a family friend or hiring an attorney. , Once you’ve discussed everyone’s wishes start giving heirlooms away! It’s better to start the process while all family members are still living.
   
   This limits the potential arguments among family after the death and takes added stress off of the family.
   
   Additionally, distributing while you’re still alive provides you with the chance to see the joy your family experiences in their new heirlooms.
3. 3

   Step 3: Record everything.

4. 4

   Step 4: Compensate financially.

5. 5

   Step 5: Appoint an executor of your will.After you pass you will need someone to make sure your wishes are carried out.

6. 6

   Step 6: Start early.

Detailed Guide

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