You Can’t Take Your Heirlooms With You

Suppose it is your responsibility to designate the next owner of a true heirloom. Above all, you want to avoid family strife and resentment and ensure it lands in the hands of someone who will respect and care for it.

The meaning of sentimental belongings

Heirlooms like old photographs, deeds of sale, quilts, recipe cards, diaries, scrapbooks or a treasured family Bible are often tied to family history. Some represent holiday rituals, like Christmas tree ornaments or figurines. Perhaps your grandmother had pieces of childhood furniture or some preserved baby clothes. Does a family member want to be the caretaker of photos and documents?

It is sometimes hard to guess who is most attached to which family item. Unless an object has been openly discussed, you may be unsure which of your children or heirs deeply cares about it. By a similar token, you may not realize how little the current generation wants your treasured items or may even dread the burden of tending to them. Large collections or antiques may only create nuisances and guilt.

Tastes and styles change. Nowadays, people are less interested in “brown” furniture. Individuals’ wishes shift too. The old-fashioned jewelry box your granddaughter coveted when she was little may now have lost its allure for her.

Who gets what?

The Egyptian pharaohs placed their favorite possessions in their tombs so they could enjoy them in the afterlife. While this is not an option for any of us today, we still care about keeping our treasures in the family. You can either figure out early how to divide your heirlooms, or you can leave more generalized instructions and let the family sort it out after you have passed. If you start the process now, you will still be here to enjoy the pleasure of gifting and to forestall later disputes. Making transfers sooner rather than later will also relieve emotional pressure. In any case, you need to work out where those special items will go.

You will want to be fair. If something cannot be split, like King Solomon’s baby, you might compensate some family members with cash. If objects like jewelry, furniture, artworks or even designer clothing happen to have financial value, you may need an expert appraisal. Since certified professional appraisers are banned from buying your items themselves, they will likely quote you an honest price. Consider contacting the International Society of Appraisers, the Appraisers Association of America or an auction house. You can also consult specialist guidebooks.

If you have a family discussion, try to assemble as a group and go through each room methodically. Record your decisions in meticulous and specific detail. Once you have compiled a list, you might have a round robin so each member has an opportunity to select an heirloom. Remember friends and caregivers too.

You may need to shake dice, draw straws, hold a fake auction with Monopoly money or enlist a third-party arbiter such as an accountant, attorney or family friend.

Finally, make it official. Jot down a handwritten memorandum of heirlooms and personal possessions. Ideally, it should be signed, witnessed, notarized and kept near your will or a letter to your executor. The memo is not legally binding and can be redrafted as often as you like. But do not attach it to your will, or you might have to keep updating the will.

Distribute, donate, discard

Families may want to wait a few months for emotions to settle before they dispose of remaining objects that have not been allocated.

At that point, you might hold a garage or estate sale or donate to those in need or perhaps a local museum or historical society. Research your family history to understand any significance their collections may represent.

Ask your estate attorney or local real estate agent for help finding the right home for your heirlooms.

Copyright, 2023

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William Hayes

As an attorney in private practice in Los Angeles County, California William Hayes provides extensive estate and tax planning services to individuals and businesses in Los Angeles, Pasadena, Glendale, Burbank and surrounding communities. Attorney Hayes’ primary focus is to help clients avoid probate, protect their assets, and provide for the security of their loved ones with a well-crafted estate plan. He believes in giving each client the time needed to explain his or her needs and wishes and then dedicates his efforts toward making the client’s desires clear in their final estate plan.

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