Allocating property in a will during estate planning

| Jun 27, 2017 | Estate Planning

Even though thoughts of death, planning a funeral and determining how to allocate sentimental possessions to surviving loved ones is not everyone’s top priority, estate planning is actually quite important. Proactive, timely and thorough planning can help to alleviate tension and confusion when one dies. People who are considering estate planning in Illinois can also clearly dictate where their possessions go for peace of mind knowing their valuables made it into the right hands.

According to the Huffington Post, there are a couple of different ways that a person can decide to split up their possessions. These include the following:

  • Auction: Large families can especially benefit from this arrangement by creating an auction where sentimental possessions can be sold off with a virtual point system. In fact, this approach can be a lot of fun for people who want their family to enjoy their belongings, but do not have any strong feelings about who gets what.
  • Alternating turns: Another option for families to consider when estate planning is to have each beneficiary take turns selecting items they would like to keep after the death of their loved one. Taking turns can be done according to age, or individuals can come up with their own unique approach to determining the turn rotation.

In an article published by the New York Times, people are reminded that failure to properly plan their estate and write a clear will can result in frustrating consequences. Without clear guidelines and explicitly listed beneficiaries, even the most amicable of families can face contention, disagreements and strain.