Tips on passing along possessions
What possessions are most valuable to you, and who will you pass them along to? What are they worth? Do family members know who will receive which items, and why?
Before you tackle the important decisions, and the writing of a will to make your decisions known, be sure that your possessions are properly appraised and insured.
Expensive items such as jewelry, original works of art, and antiques should be professionally appraised to determine a near-exact dollar value. Expect to pay for the appraisal and consider selecting an appraiser that specializes in a particular category. Discuss with your insurance agent what your standard homeowners’ policy covers and what it doesn’t. You may need to purchase additional insurance.
Advice on Writing a Will and More
If you haven’t already, meet with an attorney and write a detailed will. For advice on this process, order the guide Family Estate Planning in Wisconsin, available for $5 from the University of Wisconsin Extension service. (You may also call your county extension office or 608-262-2655 to order.)
Bequeathing Valuables Now
Are there certain items you want to bequeath to family members or friends? Consider giving them the items now. You may get more pleasure from seeing someone enjoy your treasure now rather than just knowing they will have it after you are gone.
Here are some tips for making the process go smoothly:
- Set up a system, such as assigning each family member a colored sticker and having them take turns choosing things they would like to have.
- Make sure each person gets something special.
- Encourage family members to negotiate amongst themselves if disagreements occur.
Leave your family with more than just material things by creating what is known as an “ethical will.” It’s a nonlegal document that typically imparts beliefs, lessons learned in life, and hopes and wishes for loved ones. To learn more, go to www.aarpmagazine.org/family/Articles/a2004-09-16-mag-wills.html.
Copyright 2008 BadgerBoomers.com
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