jidina80 wrote:There are good art pieces, rugs, furniture, etc., that my 3 siblings and I will want. The method of distributing the assets should ideally leave everyone with good relationships when finished.
My initital thinking is to have each person draw a number to decide who gets first pick for an item, etc. We'd then sell whatever one of us doesn't really want. However, I want to learn of clever methods other have used.
Steelersfan wrote:I don't remember how we decided the order, but we just took turns picking items that we wanted. There were no items noticeably more valuable than the rest. As it progressed, everyone was past their interest in many of the items so we started pushing things onto people with little rhyme or reason. Things ended up being quite unequal, but that was OK with everyone.
We had very good relations going in and that didn't change one bit.
Watty wrote:xerty24 wrote:Edit: also note that you can include cash in this auction process as well, especially if there is some taxable cash and some IRAs to be inherited. The IRAs, especially if pretax, will be less valuable than taxable cash in the same amount, for example. In addition, those IRAs might be more valuable to different people - for example people in lower tax brackets if traditional IRA, those planning to save for a long time if Roth, etc.
The IRA's usually are not controlled by the will but instead are controlled by how the beneficiaries are designated on the accounts. It gets more complicated when estate taxes are involved but for most people the executor of the estate cannot change who get the IRA money
The beneficiaries need to be carefully designated and kept up to date so that the money will go where it is desired.
I don't know if they will show me their will or not.
Actually, you might want to pry to avoid a lot of trouble in the future. I would also ask them if they have executed Durable Powers of Attorney, Financial and Health Care, and if not prod them into doing so.jidina80 wrote:The next time I see them I will ask if they are specifying detail on how physical assets are distributed, but I don't want to pry.
dbr wrote:My intuition is that if one or more siblings are inclined to get bent out of shape over slights, real or imagined, they will. Siblings that are inclined to make things work will likewise make things work. Nothing parents or executors can do will change those tendencies.
Maybe things shouldn't be divided exactly equal, especially if one child has contributed more care as the parents age.
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