Category: Estate Planning

Settling an Estate

Have you ever seen a “normal” family of loving brothers and sisters turn into savages towards each other? Well, I have, and the catalyst was always the death of a parent(s). Wow! The fighting, the terrible things siblings say to each other!! What can be done to lessen or eliminate this ugly happening>

Here are some tips from the Wall Street Journal’s Weekend Investor:

  • Don’t let the sheer volume of stuff paralyze you
  • Do hire help. Estate liquidators, senior movers and organizers can connect you with movers, cleaners and charities
  • Don’t fight. Come up with a system for distributing stuff among your family members.
  • Do keep track of what you give away. Take pictures of valuable objects.
  • Don’t expect to hit the jackpot. The market for china, mahogany furniture and other collectibles has softened.
  • Go slow-but don’t stall out
  • Take care of financial matters quickly.
  • Dole out the heirlooms diplomatically.
  • Document deductions.

Hopefully, the above will serve as guidelines to  you and your siblings. This is another great reason why it’s imperative for parents to have bullet proof wills that clearly spell out their intentions.

Have you gone through this? What helped you through this very tough time?