Give While you Live, To Avoid A Family Feud
A recent article in the New York Post about brothers battling over a painting from their uncle’s estate serves as a reminder of the importance of designating a destination for your personal property, either through a will or by gifting while you are still alive.
The brotherly brouhaha came about after noted Manhattan interior designer David Barrett died and left his two nephews — Richard and Alan Barrett — “equal shares” in his $5.6 million estate. The estate included a $45,000 piece of art that the brothers flipped a coin over to determine who would take home the painting.
Richard lost the coin flip — and then flipped out, filing a lawsuit to get ownership of the painting, which held up payment to the two estate executors and his brother.
The lesson here is obvious: simply splitting an estate without detailed bequests can, and often does, lead to estate litigation.
The better solution is also a simple one: take a complete inventory of your personal property, and then designate a recipient for each asset.
Make these designations via a valid will, a trust, or even give them away while you are still living so there is no question as to who you intend to inherit your prized possessions.
Alternatively, consider taking pictures of each item of personal property and writing the name of designees to receive each item on the back of the image. Reference the images in your Life & Legacy Plan.
And remember, if you are a parent, your children may be what you value most. You can protect them by putting in place a comprehensive & FREE Kids Protection Plan® to provide for their long-term and short-term care and by establishing a trust to fund their care if you are no longer available to provide for them.
While you don’t “own” your children, of course, you do owe them the duty of ensuring their care is handled well if anything happens to you.
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This article is a service of Legally Remote, PLLC, your local North-Central Florida Personal Family Lawyer® Firm located in High Springs, FL. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™. Call now: (353) 660-4021
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.