How To Pass Along Family Heirlooms Peacefully
A recent Wall Street Journal article noted that boomers and seniors are
more interested in passing along family heirlooms and history, leaving
a legacy for future generations that extends beyond money.
Citing a 2012 survey by Allianz Life Insurance that found 86% of boomers
and 74% of Americans aged 72+ said keeping family history alive was the
most important piece of their own legacies, the WSJ article also noted
that family mementoes and heirlooms are viewed by these groups as a key
This is why we build Family Wealth Legacy Interviews into our planning
process with all of our clients, at no extra fee. We just see it as part
of the planning.
Unfortunately, family mementoes are one of the most common causes of conflict
among heirs. Here are some tips for helping to keep your family out of
conflict over the things you (and they) love:
1. Talk to your family about who will get what when the time comes, and
work out the details beforehand. Then make sure all family members are
aware of the choices you have made and why.
2. Have a complete estate plan that includes a memorandum that explains
the specific bequests or consider including that in a recorded audio you
leave to your family so they not only hear your voice, but the stories
behind the mementoes as well as your desire for who gets what and why.
We do this with you as part of our Family Wealth Legacy process.
3. Don't play favorites, but do give thought to who you designate to
receive what -- these are the things your family will most remember.
4. To pass along family history and your values, consider creating an ethical
will or Family Wealth Legacy Interview. This can take any form - a letter,
a book, a website - and is not legally binding, but instead helps you
pass on the intangibles that make each family unique.
The time to create a plan that spells out how you will pass on your valubles
to your children is now. You can begin by calling our office today to
schedule a time for us to sit down and talk. We normally charge $500 for
a Family Wealth Planning Session, but because this planning is so important,
people who mention this article when they make their appointment, shall
receive a complete planning session at no charge.