Estate planning allows an individual a great deal of control over their legacy. Frequently, testators establishing documents focus on their most valuable property first. They arrange for someone to take over the family business or assume ownership of their home after they die.
Many people also prioritize items that have personal and familial value. Family heirlooms might include a vintage grandfather clock or sterling silver cutlery passed down for generations. These heirlooms may have both economic and emotional value.
Testators need to think carefully about the wishes of their beneficiaries when establishing an estate plan. Especially when it comes to family heirlooms, older generations may have inaccurate assumptions about the desires of family members.
Heirlooms are no longer hot commodities
Just a generation ago, the heirs and beneficiaries of someone who died were likely to fight over collectibles and heirlooms that had both emotional and financial value. Grandma’s collectible figurines or the china that she only used on holidays may have been a point of contention as their family members divided estate property.
Those days have long since passed. Family members no longer prioritize heirlooms and collectibles the way they once did. Frequently, they make the decision to sell those resources after someone dies, only to end up frustrated when they realize that they don’t have much economic value on the secondhand market.
As difficult as it can be, testators often need to have uncomfortable conversations with their family members about their personal property. Sometimes, there are family members who want the testator’s collection of vintage teacups or heirloom stamps. Other times, no one in the family necessarily has an interest in retaining that property.
Many testators leave instructions for the personal representatives of their estates to sell off assets that would have once been coveted family heirlooms. By arranging for an estate sale, the personal representative can convert those assets to capital, which beneficiaries may be happier about receiving than physical property.
Being realistic about what family members want to inherit can help people create estate plans that establish a meaningful legacy for their loved ones rather than leaving them frustrated or burdened. People who understand changing attitudes about heirlooms and personal property can use that information when creating or updating their estate plans.