Seven Ways to Divide up Your “Stuff”
Clients ask me all the time how much detail should go into their Wills.
They are usually referring to their “stuff” – their personal possession such
as furniture, art, household goods, car, etc. Well, the answer is that we
don’t usually itemize those things in your Will – except for those rare
pieces. This is for a whole lot of practical reasons and tax reasons. That
often is not enough for folks, so typically estate lawyers offer these
alternatives. The attorney puts a paragraph in the Will that says the
Executor will decide who gets what. Then, the Executor can use one of
these methods:
1. LIST LARGE GIFTS IN YOUR WILL. Be selective and keep
this to a minimum. There are practical problems with this one.
2. SELL EVERYTHING AND SPLIT THE MONEY. This is the
great equalizer but is a little harsh.
3. WRITE A MEMO TO YOUR EXECUTOR. This is by far the
most popular. It’s simple, effective and easy to change.
4. GIVE THINGS AWAY WHILE YOU ARE ALIVE. I love this
one because it can simplify your life and bring you joy. And it
comes naturally as you downsize.
5. HAVE A LOTTERY OR TAKE TURNS PICKING. This is also
effective, but it requires everyone to be together or it will take
forever.
6. BIDDING. You can bid with real money, but usually you bid
with chips or play money or points. But this requires everyone
to be together to work correctly.
7. COLOR-CODED STICKERS. You put stickers on the big
pieces so that your family and your executor know who gets
what. This is a little compulsive, and you have to live with
stickers on your stuff – but it works.
