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Unique ways to divide things with sentimental value

On Behalf of | Oct 30, 2015 | Estate Administration

Typically, splitting up money in your will isn’t that hard. If you have $600,000 and three children, you can just give them all $200,000 and be done with it. However, things can get a bit trickier with items that hold sentimental value. You have to determine what each item is worth to each person, even if the monetary value is just about nothing.

One way to do it is to tell your children to ask you for certain items. Have them list out their favorite things—like making a Christmas list—and divide items based on their answers.

Another option is to “auction” everything off. Use fake money and give everyone an equal playing ground. People can then “pay” more for the things they like the most. This shows who cares the most and ensures everyone gets the top items on their lists.

A similar tactic is to use stickers. Give your children each stickers and have them take turns going through little items and choosing what they desire. No two people can put stickers on the same thing, so they have to use theirs wisely and choose what they really want. At the end, you can go through and write the items into the will based on the stickers.

When using stickers—or just letting people pick items by physically collecting them—you can decide who goes first by rolling dice, drawing straws or just starting with the oldest or the youngest and using the birth order.

These are some unique ways to make sure everyone gets what they want in Florida, but make sure you also know what legal steps are needed to make the will official.

Source: Consumer Reports, “How to spare your heirs a battle over your estate,” accessed Oct. 30, 2015

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