How to fairly divide possessions between children
OKLAHOMA CITY—As we get older, we know the importance of having a will.
However, making the decision to split up personal belongings between family and friends can be tough.
Savvy Senior columnist Jim Miller has a few ways to keep your family from fighting over material objects.
Miller says it’s usually the small items that aren’t worth a lot of money that cause the most problems.
Those small items can hold a bit of sentimental value for children but they are rarely talked about in a family setting.
He also says parents should get certain items appraised so they can fairly and equally divide their assets between their children.
Experts suggest taking the children through the house and find out the items they want to inherit and why.
Parents can also help divvy up items by taking turns between kids and allowing them to choose in a ‘round-robin’ sort of way.
Having a family auction can also help solve the problem.
After learning about the items they want, make a list, date it, sign it and put it in the same area as your will.
You can also add a DVD or letter that explains why you are giving certain items to certain kids to help ease the tension between siblings.