Different ways to divide up estates?

dereksbicycles

dereksbicycles

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How do you divide up or unload up estate after your loved one(s) dies?

I know that in some cases, it is as written out in will. In some cases, it is not planned. In my case, it was planned in will whom would have what stocks. However, it wasn't planned on who would have what furniture, statues, or DVDs. Therefore, we worked as a family to determine who would have what stuffs.

You don't have to talk about your case. I'm curious about different roads in general people have taken to divide possessions. You would talk about investments too.
 
Wills are the best way to list things, especially is there is an extensive estate. My grandmother attached a codicil to her will for specific items. She also stuck labels on the backs of some things, like paintings. She also gave away a lot of stuff before she died.

My parents didn't have many material things to leave my brother and me, so we just divided it up ourselves.

TCS and I have only one child, so there is nothing to divide; she gets everything. I've already started passing things over to her. There's not going to be a big money inheritance for her.

My late father-in-law left everything to his widow, my mother-in-law, as it should be. She has a will for how to divide things between TCS and his sister. They don't really want her stuff, including (especially) the house. It will be hard to sell since their area is a depressed real estate market. Also, we don't live in that area, so dealing with things long distance will be difficult.

TCS and I have wills, and we already have our plots picked out and paid for.
 
I don't have a will. The state says my assets will be divided equally to my children.

I don't see the need to have a will in that case.
 
I have a friend that was the estate executor of her parents' house and she told her brother and sister if they fight over anything she would burn the house down. That shut everyone up.
 
whatdidyousay! said:
I have a friend that was the estate executor of her parents' house and she told her brother and sister if they fight over anything she would burn the house down. That shut everyone up.
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Since arson is a major crime I hope she was kidding.
 
My ex wifes sister passed away from drug abuse and there were some druggies in her family. I remember going there with her to meet the family and they sout stuff out. Her sisters ex husband showed up ( he is a famous lawyer in Tennesee ) and all hell broke loose, the druggies fighting over the drugs they would find when another one of their sisters was married to a pastor and they would flush the drugs down the toilet... whooo what a group they were. Well, her ex hubby paid for the house and cars and still bought her stuff like they were never divorced, only living in different states.
A twist is, her sisters daughter is an actress she is in the movie Merchant of Venice, Heather Goldenhersh, whom also played in some tv sitcoms that were canceled after a few episodes who I met briefly, My ex took over her sisters Jewlery making business but it didnt thrive because of the name and she wasnt her sister so people quit buying. But all in all, it basically tore them apart to an extent with the in-fighting over belongings and no will.
 
MangaReader said:
I don't have a will. The state says my assets will be divided equally to my children.

I don't see the need to have a will in that case.
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MangaReader, I don't know a lot about wills and stuff but if you die without a will, it's called Intestate. Intestate is
The description of a person who dies without making a valid will or the reference made to this condition. ( I looked up the definition and pasted it because I wanted to make sure I knew what it meant) but,if you own a house,you should still have a will because if not the house can be hung up in Probate. Probate in your case would be if the decedent dies intestate—without leaving a will—the court appoints a Personal Representative to distribute the decedent's property according to the laws of Descent and Distribution. These laws direct the distribution of assets based on hereditary succession. I'm not sure about the laws in your state but I have read about property being tied up in probate,and it is sometimes a costly,time consuming nightmare for the people who are to receive the property.
 
dereksbicycles said:
How do you divide up or unload up estate after your loved one(s) dies?

I know that in some cases, it is as written out in will. In some cases, it is not planned. In my case, it was planned in will whom would have what stocks. However, it wasn't planned on who would have what furniture, statues, or DVDs. Therefore, we worked as a family to determine who would have what stuffs.

You don't have to talk about your case. I'm curious about different roads in general people have taken to divide possessions. You would talk about investments too.
Click to expand...

I had a friend who's grandmother died. All she owned was her furniture and personal belongings since she lived in an apartment. The grandmother had her children bid money on the furniture and stuff they wanted. Kind of like a private auction. The money from bidding on the furniture and stuff went to the grandmothers great grandchildren. That way the grandmothers kids got what they wanted,without fighting over who got what,and the great grand kids,got the money to be divided equally among them. I think the great grandchildren divided up five thousand dollars.
 
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