Who Gets the Painting on the Living Room Wall?
By Jane L. Williams
Jane L. Williams, LLC
Estate Planning and Elder Law
One of the most difficult tasks for any fiduciary (i.e., executor or successor trustee) is distributing the deceased’s tangible personal property. Although it is possible to have a judge decide the issue between disagreeing clients, Courts do not tolerate fights over tangible personal property well and neither party leaves the fray unscathed. The value of the personal property (albeit often sentimental value) rarely justifies the legal fees, time and angst necessary to resolve the dispute.
Many of the problems inherent in dividing property can be avoided by proper planning. The Will or Trust document should include the “rules” for dividing tangible personal property. The most common method is to allow the parties to divide the property as they agree within a specified amount of time.
Many people use some system of taking turns among the beneficiaries, beginning with the oldest and moving round-robin until all the items are spoken for.
If a dispute arises between the parties when more than one party wants a particular item, the fiduciary has the responsibility of making the final decision. The fiduciary can be given guidance for this situation as part of the rules set forth in the Will or Trust document. Especially if the fiduciary is one of the disputing parties, it is highly recommended that a random method is used, so that there is no question of the fiduciary’s conflict of interest. Instructions can range from flipping a coin to participating in a high-card draw or playing best out “two out of three” in a game of Rock, Paper, Scissors. Regardless of the outcome, the deceased’s beneficiaries will certainly get a kick out of whatever method their loved one chose, adding a little levity to an otherwise difficult situation.
The lesson to be learned here is that you have the opportunity to determine a method of distribution, making it less likely your loved ones will fight over or strain a relationship over the painting on the living room wall.