In the minds of many, estate planning is all about making sure all the big ticket items like a house, stock, or cash are properly distributed in a way that will avoid conflict. While that is exactly what needs to be done, it is not necessarily the last step in the process when it comes to deciding who gets what. Items of little monetary value can have the biggest significance when they have special sentimentality to more than one person. An old collection of records or knickknacks picked up over the years can cause much conflict when competing claims are made among friends and family. When working with a client, always ask about any sentimental items that might need special dispositions. While it is easy to assume that heirs can work out the seemingly minor details on their own, it is always better to err on the side of caution and make sure than any potential kerfuffles are resolved in advance.
See Paul Sullivan, When Dividing Assets, the Little Things Matter, The New York Times, April 15, 2016.
Special thanks to Naomi Cahn for bringing this article to my attention.
