Fighting Over Heirlooms?

Dividing family heirlooms after a death can be a headache. But pity the poor executor. Because direction on how to allocate specific items is rarely made explicit in wills, divisions of property can cause real heartaches, too.

In “‘These are a few of my favorite things’—Top 10 Considerations When Planning for Tangible Personal Property,” McManus & Associates, a New York law firm, gives families concrete suggestions for how to avoid fights and plan for dividing personal property, including how to handle unique items such as music, cigars, Scotch and even gun collections.

According to the firm, top practices and provisions include:

Personal property memos. These written statements, referenced in a will and testament, are used to leave beneficiaries tangible personal property not specifically disposed of in the will. Memos often are used to keep certain items out of public knowledge in the probate process. Edits can be made without the need to re-sign a will, but such documents are not an official codicil or amendment to the will.

Good faith searches. The executor is required to make a good faith search for property listed in the memo, for a certain period—usually 30 days. Cataloging items and having appraisals done in advance can greatly reduce stress around administration of the estate.

A life estate. This allows the surviving spouse to enjoy an asset for the balance of his or her life. Upon the surviving spouse’s death, the asset then flows back into the estate of the first spouse and passes to that person’s beneficiaries (often his or her children from a first marriage).

Registrations. Ensure that the decedent has all appropriate registrations in order for the executor to take possession in the name of the estate. An old war rifle that has been passed down through the family might not be currently registered. Leaving such an item with an appraiser, even only overnight, can be a felony.

Plants and animals. To help conserve the environment and protect certain rare or endangered species of animals, certain restrictions have been put in place. The Federal Endangered Species Act, for example, prohibits owning or transporting an ever-expanding list of plants and animals. Even mounted animals such as fish or birds may not legally be transported under the Migratory Bird Treaty Act.