Tuesday, March 10, 2015

How to divide up your parents' stuff in the most fair way

Have you ever heard of kids fighting over their parents' stuff after their gone?  I'm sure that their parents would be heartbroken if there were here to see that.  I recently became aware of an excellent and most fair way (in my opinion) to divide up an estate between multiple children. 

The first thing to do is inventory, number and photograph each item in the estate.  Then, create spreadsheet listing each item, with its number and photo.  This should be distributed to each heir in advance so they may peruse the list and prioritize the items that they would like to have.

Then, all the heirs meet at the house (they can also be on speaker phone), and it starts out as a lottery in that each child draws a number to see who gets to choose an item first, second, third and so on.  The person who picks number 1 gets first choice of any item.  Then number 2 goes and so on until the end.  Then, it starts over with the last person going first, and back through to the person who picked #1.  This continues until all the items are claimed.

This is a service that I can do for you, and, can help with sibling dynamics by having a neutral party involved. 

No comments:

Post a Comment