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Personal Property Transfer

Personal Property Transfer

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Published by Bill Taylor
Estate planning for personal items is often overlooked and can be highly emotional.
Estate planning for personal items is often overlooked and can be highly emotional.

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Categories:Types, Business/Law
Published by: Bill Taylor on Feb 11, 2013
Copyright:Attribution Non-commercial

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02/11/2013

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KASLWESTON COUNTY EXTENSION REPORTBILL TAYLOR2/19/13FAIRNESS IN PASSING PERSONAL PROPERTY
Due to many issues, the concept of being “fair” when making an estate plan
is often much morecomplex and difficult with personal items than with titled property. Titled property can often beappraised and valued and some sort of economic division can be developed. How do you
“fairly” divide up family heirlooms, photos, knick kna
cks, or antiques? Many of these personalbelongings have different meanings to different family members and it is difficult to measure
their worth or value. And what is “fair” to one family member may seem entirely “unfair” toanother. The “rules” often ar
e unwritten and are not the same from family member to familymember, seldom being discussed or agreed upon. Family discussions should be designed to
bring to the forefront members’ expectations and understanding of the “rules.”
It is oftenimpossible to
divide things “equally” and distribution methods and consequences become
clouded.In determining how to be fair there are several questions to answer. We must determine:
 
Who is involved (in-laws, grandchildren?)
 
How we proceed (informing everyone, determining values)
 
When to proceed
 
What methods and standards to use to be consistent
 
 Family members will consider the process unfair if they feel moral and ethical standards are notfollowed and if they have not had a voice in the decisions made. This is especially true if a fewpersons with dominate personalities walk off with everything they want and everyone else getswhat is left over.It is usually much better to face the truths of the situation and develop a workable plan beforethe death of the family member involved. Remember, the stress level and the degree of emotion will be multiplied after a death or debilitation, and decisions may be made in the heatof the moment that are regretted later, or things may be said or done that createinsurmountable rifts in relationships.Developing a distribution plan for personal non-titled property should include discussions and
family conferences about values and goals, what family members view as “fair” versus “equal,”
and what is important to the family as a whole and to those passing on the property. Carefullyselect a meeting location and time. Designate a person to record decisions made by the group.A decision needs to be made concerning who to include in the process. Is it parents and siblingsonly, with the siblings acting as representatives for their spouses and children? What aboutincluding spouses? Grandchildren? Other family members? Consider friends, significant othersand ex-spouses, as well as caregivers, attorneys, and mediators.
 
The final decision for disposition belongs to the property owner(s). It is also important toremember that family relationships, and their continuity, are vastly more important than thepossession of an inanimate object.There are a number of topics that family members need to discuss before proceeding to thenext steps in the process. The list is too long to enumerate and I will cover it in detail later. Asyour family prepares to discuss the estate planning process, they will find themselves facedwith these issues and it will be greatly helpful if you have had some time to think them throughfirst.Members of the family need to consider the various options for distribution of personalproperty and what the consequences are of each. Some questions that should be answered are:
 
Are there other goals beyond those that were listed that you feel are important?
 
Which goals are the
most 
important to you and which
least 
important?
 
Do any of your own goals conflict? Do any of the goals of family members conflict?
 
Are there others (other owners, other family members) that need to have input intothese goals?
 
As you transfer this property what do you really want to accomplish? Family continuityand relationships? Conflict avoidance? Preserving a heritage? Maintaining privacy?Contributing to society?

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