Even though you might be healthy and energetic, you might have decided to go ahead and divide the assets that you will leave your children. After all, won't it be nice to picture which child will be enjoying certain belongings that he or she inherits from you? From having a family meeting to hiring an estate planner, here are some ideas that might help you.
Have A Family Meeting To Divide Your Personal Belongings
You have more than likely heard of families that were broken up because the kids fought over even something as inconsequential as a sofa or a chair at the time of a parent's death. Consider avoiding that scenario by arranging a kind of game.Here's how it goes. Have a meeting with your adult children when each one of you has plenty of time with no distractions. Now you write a number down on a piece of paper and fold it so that nobody can see it. Ask your kids to also write down a number. At the end, the person whose number most closely matches your number gets to go first.
After it has been determined which child gets to go first, then the next person is the one that had the second closest number, and so on. After the numbering system is set, your children get to take turns selecting an item, maybe something like a piece of furniture or a painting that he or she would like to own. Have one person act as a scribe. When everything is divided and recorded, make sure that you and each of your children has a copy of what was written down.
Hire An Estate Planning Service
If you decide to do the numbering system where your children will select different items that are in your home, that will take care of your personal belongings. However, it might be very helpful for you to hire a professional to take care of things like land and stocks that you own, money that you have in a savings account and in your checking account and your actual house or houses.
A professional from your local estate planning services will have the training and the experience to make everything legal. At the time of your death, he or she will work with your survivors and will help the transaction to go smoothly. The estate planner can also arrange for the sale of things like furniture, cars and jewelry.