Personal property was once a priority during estate administration. Siblings or cousins might fight over who kept grandma’s silver or inherited a kitchen table passed down for generations through the family.
Modern estate administration often sees surviving family members disposing of most of the physical assets that belong to an individual, instead of keeping them as personal mementos or heirlooms to pass down to their children.
Changing cultural values regarding property play a major role in this new approach to estate administration, and estate plans typically need to reflect the most likely issues during estate administration.
How can testators address personal property that may be significant to them but not to their loved ones?
There are multiple options available
Instead of naming individual beneficiaries to inherit different personal property, a testator can plan broadly for any resources that their loved ones may not want to retain. In some cases, leaving all personal property to one person who might value those assets is an option.
For those who have acquired substantial collections of relatively valuable durable goods, such as furniture, craft supplies and housewares, leaving instructions to hold an estate sale can be an appropriate solution. The liquidation of personal property can generate revenue, which a personal representative can then distribute among beneficiaries according to the testator’s instructions.
Other times, it may be possible to donate those resources. There are charitable resale shops that sell donated goods to generate revenue for organizational endeavors. There are also many nonprofits that accept personal property for direct use, such as homeless shelters.
Personal property that beneficiaries do not desire to keep may require special consideration when drafting or modifying a will. Updating an estate plan to reflect current practices and beneficiary priorities can help testators maximize the positive impact their estates may inspire.