Dividing Assets Before Death

Individuals can avoid future fights over possessions by discussing possession division with family before it is too late to do so. By involving your children in the decision-making process, the children will likely be less upset if there is an unequal distribution or if one child receives an item that another child had wanted.

Additionally, discussing distribution plans with heirs gives you the opportunity to learn what possessions are important to what heirs. If there is an item that more than one heir wants, you can either discuss the issue with the heirs or give each heir a turn at picking items in a round robin setting.

See Who Gets What? Dividing Possessions Before Death, Elder Law Answers (2011).

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.