Personal property affects heirs. Whether it is something that has monetary value or something that you have collected for many years, certain items hold a significant place in your heart. Figuring out what to do with these items when you are no longer around to enjoy them can be quite the task. This is especially true if you have multiple lovbved ones who you would like to receive your personal property. Without your instructions, this situation might turn into a disaster. People may start fighting or hiring lawyers to sue each other to determine what is rightfully theirs. You can help prevent this from happening by providing your loved ones with instructions. The following are some ways you can divide your personal property to help maintain harmony among your loved ones.
How to Share an Estate? Draw Numbers and Take Turns Choosing
One method for dividing personal property, especially if you have a large collection of similar items, is to have each beneficiary draw a number and have them take turns choosing items in sequential order starting with the person who drew number 1. Once the last person chooses the person who drew number 1 can start the next round.
To mix things up a bit, once everyone has had an opportunity to make their first selection, the person who drew the largest number can start the second round, continuing in reverse sequential order. For the third round, the person who drew number 1 can start, and the selections continue in sequential order.
Alternatively, after choosing sequentially in the first round, the person who drew number 2 can start the second round, and the selections continue in sequential order, ending with the person who drew number 1. Number 3 starts the third round, and the selections continue in a similar pattern.
Number Items for Heirs for a Drawing
This process can work if you have many items of similar value. Instead of having the beneficiaries figure out who gets what, they could leave the decision up to chance. With this method, all items that are to be distributed are numbered, and a set of corresponding numbers are placed in a hat or bowl. The participants then choose a number and get the item that matches their number.
Auction With Fake Money Between Heirs
If there is an item that more than one person wants, one way to solve this is through an auction. During the auction, each participant is allotted an equal amount of fake money. Then, each item is presented in a random order, and the participants bid on the items they want. The highest bid wins. This helps ensure that the person who wants it the most gets it, but it also means that people may not receive the same monetary value.
Heirs Can Use Stickers to Stake a Claim
Another way to divide personal property is to give each beneficiary the same number of colored stickers (with each person getting a different color) and have them place stickers on the items they want. If an item has only one sticker, the person who chose it gets the item. If an item has multiple stickers, beneficiaries can discuss what to do with the item. This allows beneficiaries to identify items that need to be discussed while quickly dividing items that are not in contention.
Sell Everything and Divide Proceeds
Sometimes, when more than one person wants something, there is just no compromise or solution. In these situations, you could sell the item and divide the proceeds. While this may not be a desirable solution, sometimes there is no other way. Unfortunately, this method only works well with items of high monetary value. Purely sentimental items may not be worth much, in which case an alternate method may be needed.
About Skvarna Law Firm in Glendora and Upland, California
Let a skilled attorney assist with your estate plan. So, contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. Therefore, we provide legal services for individuals living in San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
