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How to fairly allocate inherited assets

On Behalf of | Feb 24, 2020 | Estate Planning

When an individual in Georgia passes, he or she may decide to leave assets to children, grandchildren or other family members. However, even when armed with a set of instructions, it can still be difficult to allocate tangible assets without causing conflict. Fortunately, there are steps that can be taken to minimize conflict while respecting the deceased individual’s wishes. The first step is to determine if more than one person wants a certain item.

If no one wants it, the item can be sold or donated to charity. In the event that only one person wants it, he or she can claim it without issue. When two or more people showed interest in an object, those individuals were allowed to bid on the items in question. Alternatively, family members can come to a custom agreement as to who will eventually take possession of those heirlooms.

In the event that a person receives an expensive item, he or she may be required to pay some or all of its actual market value to other beneficiaries. This helps to ensure that the estate is in roughly the same financial place it was in before assets were divided. While such a process may take several weeks or months to complete, it can act as a way to help a family work through a difficult time.

Family dynamics will likely play a key role in how an estate plan is created. Ideally, parents or grandparents will talk to their children or grandchildren about their plan while they are alive. This can further help to prevent conflicts that could potentially lead to strained relationships. Legal representatives might be able to help individuals create or review estate plan documents. They may also be able to facilitate estate planning conversations with family members.

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