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A major mistake with estate planning (and how to avoid it)

On Behalf of | Oct 30, 2024 | Estate Planning

When you die, it probably won’t be the house, the car or your bank account that starts disputes between your loved ones. It’s more likely to be your favorite quilt, your fancy teapot or some other personal item that has a lot of emotional significance for those you leave behind.

Those experienced with the probate process and estate disputes say that sentimental items tend to cause more hard feelings among family members than anything else (even when those sentimental items have little intrinsic value).

Be specific about how personal items will be divided

The biggest mistake you can make is to assume that everybody will be reasonable about how your personal items will be divided. There’s nothing reasonable about grief, and grief can cause people to act out of character.

To that end, you don’t want to leave vague instructions in your will where personal items are concerned. Instead of saying, “Each of my children shall receive an equal share of my personal items,” you need to be specific and have a plan. That may look like one of the following:

  • Bequeathing specific items to specific beneficiaries, according to your desires (or theirs, if you care to ask them in advance what they might want)
  • Having your children or other beneficiaries take turns selecting one item at a time until everything they want is claimed
  • Giving each beneficiary a certain amount of play money and holding an “auction” for contested items so that each person has a fair chance at obtaining what they want the most

A death in the family is always going to stir up a lot of emotions, and survivors often find themselves at odds over the small things. If you’re making your estate plan, pay attention to the details – especially when it concerns sentimental objects. Legal guidance can help you craft a clear, comprehensive will that won’t lead to major conflicts.