How to Divide Jewelry and Personal Property in an Estate

Jun 25, 2022

If you want to pass on your jewelry and personal property to your children, you'll have to determine how to divide them in your estate. Some parents have come up with creative ways to divide up their valuables. Some have divided up Monopoly money among their children. Others have let each child choose one item. The ones that didn't get chosen can go to the Salvation Army or Goodwill. Still others sell their items for a profit and divide the proceeds between them.

When dividing personal property in an estate, ask your beneficiaries what they want. Sometimes, it's easiest to leave sentimental objects to your children. It may be a favorite doll house or a dollhouse. Asking them about their wishes beforehand can avoid disagreements after the death. In addition, it's also a good idea to avoid giving sentimental objects to your children if you are not sure what value they have.

As you can see, there are several steps to take when planning your estate. One of the most difficult parts is deciding how to divide your valuables. Personal property may have sentimental value, and it's crucial to plan how to distribute it properly. The better prepared you are, the less likely your family will be to fight over it later. Once you have decided who will get what, you can make sure your family doesn't suffer from any future acrimony.

If you're unsure of how to divide your personal property, you can consult with an estate planning attorney. These lawyers specialize in analyzing estates and dividing them among heirs. You can get referrals from your local bar association. Before you choose a lawyer, they'll send you a form to complete that details your assets. The lawyer can then use this form to determine which items are to be passed down to whom.

To get the best results from your auction, you must first figure out how much cash you want to give away. If you're giving away a gift, make sure to tell the person who gets it and doesn't want to be suspected of pilfering. Likewise, if you're giving away artwork or furniture, your new owner can keep it if they want it. Just remember to include a note explaining what you want your heirs to do with your personal property.

When it comes to the division of personal property, it's important to remember that many people don't have legal titles to their belongings. While a car or house has a title to them, jewelry doesn't. That makes it harder to prove who stole the item. Jewelry is also difficult to value without a sale. To make the process easier, you can arrange an appraisal of your jewelry before your death.