Are you curious about the distribution of trust assets to beneficiaries that’s our topic today? Read this post carefully and share it on social media.
Distribution Of Trust Assets To Beneficiaries
We’ll be talking about the distribution of trust assets to beneficiaries. A big part of those assets is the personal property.
The personal property is just about everything that isn’t titled that belongs to the person who passed away.
Now some of the time there may be a will where the decedent actually lists items that they want to go to certain people or entities.
Typically Includes Things
It typically includes things like jewelry, furniture, art photos can be the clothing all the items in the kitchen things like that.
Now when there is a will you would be the executor and you have the power to handle the personal property as dictated in the will.
If there is not a will then as the administrator you would have to determine what is the best way to address all of the personal property.
Personal Property Cannot Be Divided Equally
Unlike money personal property cannot be divided equally once the person passes away.
For this reason distributing jewelry and other items can be a challenge.
Of course, it really helps if the owner the person who passed away lists things in their will.
A lot of Emotional Value
Now sometimes items of little monetary value but a lot of emotional value can make distribution difficult.
Now, most of the families that I’ve worked with have done a great job choosing which mementos go wherein a very fair way and these are a few of the methods that they’ve used.
I hope you find them helpful.
Use Colored Stickers
I’ve heard of some people that use colored stickers and they go around and they put their names on things that they would like to have.
Of course, the process is expedited quickly if there’s only one sticky on each item but there’s going to be times where more than one person is interested in the loved ones belonging.
So when there’s more than one sticker on something the families have made a pact that they would take turns picking items.
That way they would get some of the things that they would like to have and some of the things they’d like to have my go-to another family member.
And to make this method even fairer they’d have taken turns who goes first.
So the person who went first gets the first pick on the next round the person who went second gets the first pick and then third gets the first pick in each round.
What’s is Worth?
Now when there are some items that they’re unsure of the value of them. It is recommended that they get appraisals.
That way if you’re using the method that I previously mentioned it makes it fair that each person gets to pick something of roughly the same value.
Sometimes there may be only a few things of more value and to make it fair the person that obtains that item will then pay the difference to the other family members that keeps everything more equal.
Personal Items Are Unique
So when personal items are unique let’s say for instance photographs. It’s not very difficult today to make copies of things.
Much of the time the copies are just as good as the original for each person in the family.
Mediator to Handle the Distribution
Sometimes it’s best to bring in a mediator to handle the distribution of certain items.
Occasionally a probate attorney will be that mediator but there are people that that is their job and they’re neutral and bringing in a mediator may help to keep sore feelings from happening.
A mediator may help the family members get at the root of the process and getting at the hurt feelings that are exacerbating the need for a particular item.
Finally, once the family members and friends have taken their items of value then the rest of the personal property can either be sold through an estate sale, a buyout, or perhaps donated to one of the loved one’s charities.