Mark Reckman - How to divide your stuff

Seven Ways to Divide up Your “Stuff”Clients ask me all the time how much detail should go into their Wills. They are usually referring to their “stuff” – their personal possession such as furniture, art, household goods, car, etc. Well, the answer is that we don’t usually itemize those things in your Will – except for those rare pieces. This is for a whole lot of practical reasons and tax reasons. That often is not enough for folks, so typically estate lawyers offer these alternatives. The attorney puts a paragraph in the Will that says the Executor will decide who gets what. Then, the Executor can use one of these methods:1. LIST LARGE GIFTS IN YOUR WILL. Be selective and keep this to a minimum. There are practical problems with this one.2. SELL EVERYTHING AND SPLIT THE MONEY. This is the great equalizer but is a little harsh.3. WRITE A MEMO TO YOUR EXECUTOR. This is by far the most popular. It’s simple, effective and easy to change.4. GIVE THINGS AWAY WHILE YOU ARE ALIVE. I love this one because it can simplify your life and bring you joy. And it comes naturally as you downsize.5. HAVE A LOTTERY OR TAKE TURNS PICKING. This is also effective, but it requires everyone to be together or it will take forever.6. BIDDING. You can bid with real money, but usually you bid with chips or play money or points. But this requires everyone to be together to work correctly.7. COLOR-CODED STICKERS. You put stickers on the big pieces so that your family and your executor know who gets what. This is a little compulsive, and you have to live with stickers on your stuff – but it works.