As stated in this recent article in Forbes Magazine, the most contentious estate disputes often involve a deceased person’s personal property. Heirs may be able to amicably divide up comlicated estates worth millions of dollars, but when it comes down to splitting up the guns, china or artwork, the gloves come off. We have handled estates where the litigants literally spend more money fighting over personal property than the property is worth.
More often than not, these disputes could be prevented with better estate planning. It is common practice to include a provision in a will stating that the testator intends to make a list of his or her personal property and to whom such property will pass. Unfortunately, the testator rarely gets around to making such list, and even if such a list is executed, it can easily be lost or destroyed. The better practice is go ahead and incorporate the list into the will itself. Another common problem is that the default provision is usually that the Executor is given the power to divide up the property equally. This can lead to the executor being placed in the middle of a battle over the beloved Hummels or disputes over valuation of the property. Again, more specific instructions in the will can prevent this problem.
A good estate planning attorney should not take the distribution of personal property lightly. He or she should talk with their client about the personal property and whether one of more of their heirs have a connection to specific property. The planner should also take the time to help them come up with a detailed plan of distribution or even contemplate giving away the items inter vivos. Such time is well spent in order to prevent a contentious and costly dispute down the road.
