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Ways for siblings to divide an inheritance

avoid an angry or divisive settlement proceeding by settling the distribution of sentimental items well ahead of time. Often the anger arising around the division of inheritance comes not from dollar value, but from the division of items with sentimental value or deep emotional significance. As Benefactors grow older and their needs diminish, they can capitalize upon that fact by making distributions before they pass away. For money or other cash based items, it is possible for the Benefactor to make outright gifts, or even to establish living trusts. There may be tax consequences for such actions depending on the amounts distributed, so any such action should be undertaken with the advice of an attorney. For sentimental items, the appropriate gifts may be given for special occasions or holidays or just out of love. The benefit of making such distributions while still living is that the Benefactor can tie the gifts into a rational basis for the distribution and, most importantly, personally express that rationale to the others. For example, the parents in one family told all the family members that their precious bronze statue of one of their ancestors would be given to a grandchild who had been named after that ancestor. They expressed to each of them, that they felt it most appropriate to give such a gift to the child who carried on the ancestor's name. The rational basis for their gift, lovingly expressed to all, preempted any complaints or misunderstandings. Similarly, they gave an antique sewing machine to the one granddaughter who had most seriously taken up sewing. Again they explained the rationale behind their gift to the other potential recipients. A word of caution, in distributing sentimental items in such a way, the Benefactors should be careful to ensure that everyone is considered, and a thoughtful gift given to each potential beneficiary, or the problems mentioned in step one, may reoccur, not anger over not receiving a certain item, but disappointment at not being considered for any item.

Make a list based on beneficiary input: For Benefactors who desire to retain sentimental items until they pass, a list may be very helpful. One family I know created a list of the sentimental items and who it was their desire to give them too. They had the list notarized and made as a codicil to their will. The brilliance of their action is seen in that they were able to discuss each selection with the potential inheritors prior to their passing. They even


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Ways for siblings to divide an inheritance

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