One of the most common reasons family members begin to squabble after a relative passes away is concern about personal property issues. Uncle Jerry promised me that painting! Mom always told me that ring was going to be mine! Grandpa wanted me to have his tools! Whether an estate is substantial or modest in monetary terms, the family possessions and heirlooms can have priceless emotional value. Everyone in the family has fond memories of sitting on that porch swing with Aunt Sue. But there’s only one porch swing, and everyone wants it. Now what?
Ideally, family members will have discussed these issues openly over the years. But as we all know, many families resist engaging in those talks, which can be difficult for everyone involved. The personal representative of an estate is then left to deal with conflicting expectations and sometimes disagreements among the heirs.
A decedent may leave an itemized list of valuables, designating who is to get each item. If there is a will, it may reference such a list and instruct the personal representative to follow it. In other cases, a decedent may not leave a specific list, but the will may set forth a scheme for how personal property is to be divided. For instance, a will could require that beneficiaries are to select items by drawing lots or taking turns by age. In some cases, a will may state that if the beneficiaries cannot agree on who gets what, the personal property is to be sold with the proceeds distributed accordingly.
A personal representative may want to call a meeting of the beneficiaries so that personal property can be reviewed and discussed. With luck, the group will reach a consensus. If multiple beneficiaries want the same items, compromises may have to be made. If one beneficiary wants an item with substantial value, such as artwork or jewelry, perhaps the value can be offset in the final distributions. Some items, such as family photos, can be duplicated.
The personal representative has a duty to protect the personal property until the time comes for distribution or sale. He or she should make an inventory of the personal property as soon as possible, and make sure that the property is properly stored and insured. Keys to the family home should be held by only one or two trusted persons. If someone is living in the home that belonged to the decedent, the personal representative needs to act promptly to establish ground rules about use and protection of the personal property items. If the home is vacant, perhaps items of value like jewelry should be moved to a secure location such as a safe deposit box or insured storage unit. And if there are items of substantial value, the personal representative may want to have the items appraised.
If you have questions about estate personal property issues, please consult with Baumbusch Law.