FCS5-479: Transferring Cherished Possessions: Where Do I Start?

Nichole Huff | Aug. 15, 2022 (New)

Look around your home. You may have a table passed down to you from a grandparent or a well-worn baseball glove from an uncle. You may own sentimental jewelry, a treasured collection of keepsakes, or an antique that has been in your family for years. Have you ever wondered how you came to inherit these items? Were they given to you directly by a loved one, or did you receive them when the estate was settled after that person's death? Cherished possessions can provide a sense of comfort while grieving the passing of loved ones and can represent a continuation of their legacy for those who inherit the items.

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FCS5-482: Transferring Cherished Possessions: How Can We Communicate Without Conflict?

Nichole Huff | Aug. 15, 2022 (New)

Discussing estate planning details with loved ones can be challenging. Depending on the family dynamics at play, these conversations may be emotional or even stressful if you're managing conflict or strained relationships. Developing a clear plan to distribute your belongings, as well as learning communication strategies to use while estate planning, can ease the process for everyone involved.

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FCS5-480: Transferring Cherished Possessions: What is Fair?

Nichole Huff | Aug. 15, 2022 (New)

As any parent, grandparent, or caregiver has experienced, the exclamation "But that's not fair!" has likely been voiced in your family on occasion. Similar sentiments also can be expressed when an estate is settled. This may happen if the will isn't clear or if it leaves the court or executor in charge of determining fairness. To avoid this, you will want to distribute your belongings in a way that minimizes potential conflict among your heirs.

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FCS5-481: Transferring Cherished Possessions: Who Gets What?

Nichole Huff | Aug. 15, 2022 (New)

Estate planning can be a complicated process, especially when considering how to transfer personal property to people who will want and care for it after your death. The task of sorting through a lifetime of belongings can be overwhelming. It's natural to feel a range of emotions or to procrastinate on the task to protect yourself from feelings that may surface. You also may be worried about treating all heirs fairly and not hurting anyone's feelings as you make difficult decisions. Being mindful of family dynamics while estate planning requires you to delicately balance financial, emotional, and psychological considerations.