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Rules for Transferring Personal Property

Rules for Transferring Personal Property

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Published by Bill Taylor
What rules will you use for fair distribution of your personal items? Here are some considerations.
What rules will you use for fair distribution of your personal items? Here are some considerations.

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Categories:Types, Business/Law
Published by: Bill Taylor on Feb 12, 2013
Copyright:Attribution Non-commercial

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02/12/2013

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COLUMNWESTON COUNTY GAZETTEBILL TAYLOR5/10/13RULES FOR TRANSFERING PERSONAL PROPERTY
When planning the transfer of personal property during estate planning, determine whichrules you will follow for deciding who receives which items. Both the person(s) who presentlyowns the personal items and the person(s) who would potentially receive the items shouldreview these rules and discuss which would be most appropriate in their situation. The finaldecision for the rules used and the disposition of the property rests with the owner of theproperty as long as they are alive and of sound mind.Here are various rules which could be used and which place emphasis on different values. It isup to the family to decide which rules will be used.S
HOULD
F
AMILY
M
EMBERS
B
E
R
ECOGNIZED
F
OR
T
HEIR
D
IFFERENCES
?
 1.
 
Will specific items go to persons in certain birth order (oldest, youngest)?2.
 
Will the designation of specific items be influenced by current age of recipients?3.
 
Will gender influence what they receive?4.
 
Will marriage status (married, widowed, divorced, or never married) influence whatthey receive?
 
5.
 
Will birth status (children by birth, adoption, or remarriage) influence what theyreceive?6.
 
Will distance from home influence what family members receive?7.
 
Does having a personal interest in the item influence what members receive?
 S
HOULD
E
VERYONE
B
E
T
REATED
E
QUALLY
?
1.
 
Should family members be treated the same regardless of what they may havecontributed to the family over the years?2.
 
Regardless of differences in needs, should family members be treated the same?3.
 
Regardless of differences (such as birth order, gender, or marital status), should familymembers be treated the same?4.
 
Regardless of sentimental meaning, should family members receive equal numbers of items?5.
 
Regardless of the sentimental meaning to them, should family members receive equalnumbers of items?6.
 
Should family members receive equal dollar value of appraised items?7.
 
When more than one might want an item, should all have an equal chance of gettingitems regardless of financial resources (drawing names, lottery system, taking turns atselecting, using chips or pretend money)?
I
S
I
T
I
MPORTANT
T
HAT
R
ECOGNITION
B
E
M
ADE
F
OR
D
IFFERENT
N
EEDS
?
 1.
 
Does financial need dictate that family members will receive more?
 
2.
 
Does physical or disability needs dictate that family members will receive more?3.
 
Does greater emotional need dictate that family members will receive more?
S
HOULD
D
IFFERENT
C
ONTRIBUTIONS
B
E
R
ECOGNIZED
?
 1.
 
Should items received as gifts from family members be given back to the same giver?2.
 
Should rewards be provided for family members who have helped do work around thehome or business?3.
 
Will rewards be provided to family members who have helped financially?4.
 
Will those who have helped provide care and support over the years be rewarded?5.
 
Should family members who have shown the most love be rewarded?6.
 
Should organizations or individuals outside the family be rewarded?
DETERMINING HOW TO DECIDE
 
Once agreement has been reached concerning which values are important in deciding whoreceives which items of personal property, the family needs to discuss when decisions will bemade and who will be involved in making them.W
HO IS
I
NVOLVED IN THE
D
ECISIONS
?
 1.
 
Are children asked what they would like to receive?2.
 
Are spouses of children asked what they would like to receive?3.
 
Are grandchildren asked what they would like to receive?

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