What about family heirlooms?

Michelle loved her grandmother's antique table. It had been in the family forever and she associated it with the wonderful family gatherings during the holidays. Since Michelle had moved to her house in Sun City, she made the table the centerpiece of her remodeled dining area. Unfortunately, Michelle's two sons lived in small apartments. They both moved frequently with their work and had yet to settle down and purchase homes. Her daughter, on the the other hand, had married well and lived in a lovely house in Iowa. If Michelle died, what would happen to the table?

Items of personal property, like antiques or collectibles, usually are lumped together in an estate. If there is not enough money in estate to pay the bills, the personal property may be sold to pay the estate debts. If Michelle died without a will, likely her estate would be split equally between the three children. If the children could not agree on a distribution of the estate assets, all of the assets might end up being sold, even the antique table, to create cash for a distribution to the heirs.

If Michelle is concerned about preserving specific items in her family, she will need a Will and should give a specific bequest (gift) to the person designated to receive the property, in this case, give the table to her daughter. Some states, like Arizona, allow a person to make a list of personal property and attach it to a Will, designating the people who are to receive specific items.

Wills save a lot of grief.