If you live in Louisiana and are creating an estate plan, you may find that you have possessions besides the usual property, such as a home and various investments, that also have value. Whether this is monetary value, sentimental value or both, failing to address what should happen to it in your estate plan could cause conflict among your loved ones later.
Options
Examples of these types of heirlooms might include jewelry, furniture, photographs, letters and articles of clothing. There are a few different ways to approach the division of these possessions. One is to name what goes to who in the will. Another is to give them as gifts while still alive so that they are not part of the estate at all. Someone could be appointed to decide how they are distributed, but this could get complicated if the person is a family member. This should be a neutral individual to reduce the likelihood of resentment. Loved ones could also take turns choosing what items they want.
Communication
Whatever approach to passing these heirlooms down to beneficiaries is chosen, communication is key to the best decision-making and the smoothest process of division. Talking to your children or other beneficiaries may reveal that each wants specific items or that there are things no one wants. In the latter case, they could sell those things and split the proceeds. Communication can also help ensure that your beneficiaries anticipate what is in your estate plan and understand the reasoning behind it, reducing the likelihood of conflict.
Talking and thinking about estate planning can be hard. However, doing so ahead of time can help ease a difficult time for your loved ones and ensure that your wishes for what happens to all your possessions are understood and honored.