Tuesday, July 13, 2010

Heirlooms

Ellen Lupton writes in the New York Times about "How to Lose a Legacy." In part, it deals with the heirlooms passed on from generation to generation, and the sentiment, or lack of it, that passes as well.

Where your treasures go is an important part of the estate planning process, as these items can lead to fights, or just outright theft--I'm aware of one estate that was plundered by a daughter who backed the U-Haul truck up to the house and emptied it while the rest of the family was at the funeral.

If dispositions aren't clear, there may be several people claiming "She told me she wanted me to have it!"

It helps to have someone like an executor or trustee with the authority to decide where things go in disputes, and under recent California law, you can leave a memorandum with instructions for where items should go--unlike a will or trust, the memorandum is simple to update as you gather more (or give away more) stuff.

It seems every third estate has a coin collection that was promised to multiple people, so be sure your plan is clear about your stuff!

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