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Guarding Your Wealth for Senior Citizens
Signed, Sealed, Delivered – It’s Theirs
How to make dividing
your possessions easier on your family
By Jeffrey D. Voudrie, CFP
 September 8, 2006 - Few issues can be more
emotional and complicated than those that occur at the end of our lives.
No one likes to think about them, and fewer still plan properly in
advance. In this article, we’ll discuss the simple steps you can take
that will make dividing your personal possessions easier on your family.
In many cases, the division of personal assets
gives rise to family conflicts and disputes. There’s the family china,
the furniture, clothes, guns, jewelry and other collectibles.
The
disposition of these items is often handled in a Will or Living Trust
with a statement such as “divide my personal possessions equally among
my children”. But this isn’t very specific and can easily create
disagreement.
The death of a loved one is always very emotional.
Personal possessions take on greater significance than they ever had
before.
Those old knick-knacks are now pieces of you that your loved
ones will cling to in their time of loss. Your old rocking chair, string
of pearls or favorite hunting rifle become poignant reminders of good
times and pleasant memories.
They’ve lost you, but they don’t want to lose what
you left behind. Anger, greed, resentment, and past injustices all come
to the surface, mixed with the loss, shock and grief of death. In normal
circumstances, these emotions would be easily controlled. But when
combined with the grief of loss, things can be said and done that would
make a sailor blush.
Everyone has heard of families locked in legal
battles for years over who gets what. Brothers and sisters refuse to
talk to each other ever again because they didn’t get what they thought
they deserved.
Prized possessions quickly disappear as heirs go through
your home, taking what they want before the others get their chance.
Suspicions run high, every action comes under close scrutiny, and
there’s more conniving and back stabbing than on an episode of Survivor.
But it doesn’t have to be this way.
The good news is that most of this emotional mess
can be easily avoided. Sure, your death will still be a traumatic event,
but by taking some important steps, you can greatly minimize any
confusion and strife.
Instead of disposing of your personal possessions
as a group in your Will or Living Trust, I suggest that you create a
list separately and have your Will or Living Trust refer to it. Your
attorney can help. By having a separate list it will be easy for you to
keep it up to date as your situation or desires change, without having
to update your entire Will. It is important that you sign and date it,
though.
For example, one deceased client made a list of
specific bequests shortly before her death. She even had a niece type up
the list and date it. But she didn’t sign it. As a result, her wishes
won’t be carried out unless all of her beneficiaries agree to them.
Simply signing the list in this situation would have ensured her wishes
were carried out.
In order to facilitate your wishes being carried
out, it is also important that your possessions are properly safeguarded
until they are divided. Protecting and safeguarding your assets is
usually the job of your executor. Many times, though, the person you
named as executor doesn’t know it or isn’t aware that it is their
responsibility to protect your assets.
So I suggest you let the person you named know they
are your executor. Let them know the location of your Will or Living
Trust and where you keep the list that details how you want your
personal possessions divided. Explain to them that you want them to
safeguard your possessions so they can go to the person you’ve name
instead of the first person to take them!
My mother-in-law is a great example. Knowing she
had terminal cancer, she sat down with her family and explained how her
possessions were to be divided. She let them know the location of her
list. As difficult as the meeting was, it prevented countless problems
after her death.
If you have a specific question or would like more
information give me a call toll-free at 1-877-827-1463 or you can also reach me by email at
jeff@guardingyourwealth.com.
About Guarding Your Wealth:
“Guarding Your Wealth” is a
nationally syndicated weekly personal finance column written by Jeffrey
D. Voudrie, CFP. Mr. Voudrie is the President of Legacy Planning Group,
a private wealth management firm that employs sophisticated proprietary
strategies designed to protect and grow its clients' investments. Please
visit his website,
www.guardingyourwealth.com to read past articles under the Guarding
Your Wealth Article Archive.
Guarding Your Wealth for Seniors are
a collection of columns by Voudrie that deal with issues of particular
interest to senior citizens.
Click here
for all columns.
In addition to being a nationally
syndicated columnist and Certified Financial Planning Practitioner, Mr.
Voudrie provides personal, private money management services to clients
nationwide.
Looking for an energetic expert who
is passionate about financial and wealth management? Mr. Voudrie is an
excellent speaker who will excite and inspire your audience. Mr. Voudrie
is available for a limited number of speaking engagements, television
appearances and radio talk shows. For booking information, email e-mail
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