For people who have reached a certain stage in life, family heirlooms and antiques may be among their most prized possessions. Individuals who inherited their grandmother’s China or furniture hand-carved by an uncle may cherish those items.
In some cases, they may dream of handing those same prized possessions down to their children or grandchildren when they pass. Unfortunately, data about estate sales and inheritances shows that younger generations may assign less value to assets passed down through the family.
How can those with family heirlooms fairly address those assets in an estate plan?
By considering beneficiary preferences
Children and grandchildren who live across the country are unlikely to ship furniture and other antiques to their homes after receiving them as an inheritance. Frequently, family treasures end up donated to nonprofit organizations or sold to strangers at estate sales.
Testators considering their assets with emotional and family significance may want to talk with each of their beneficiaries about their wishes. Allowing beneficiaries to select a single heirloom that has emotional significance for them personally can be a way to integrate these valuable assets into an estate plan.
Other times, if there is one family member who has more of a connection to the family’s history, leaving them the majority of heirlooms and antiques might be a reasonable decision. Some people leave instructions to liquidate their antiques and heirlooms. It may also be possible to donate different types of personal property to an assortment of charitable causes or even historical societies and museums.
Cataloging heirlooms and antiques, talking with family members and planning from a realistic standpoint can help testators establish a meaningful legacy. Assets with emotional value often require careful consideration when drafting or updating an estate plan.