Estate planning can feel like a heavy topic, but by thinking ahead for your family, you are doing them a tremendous service. While most people only take the time to plan for the division of their financial assets, this leaves families with questions as to how to divide physical belongings left behind after a loved one’s passing. Our elder law attorneys can discuss with you how you can help your children by providing some direction for the division of household items.
There are several legal avenues for guiding your kids through the division of household items after your passing. The most common option, and the one that gives you the most control, is to draft a detailed Will that includes specific instructions for household items. This option leaves no guesswork for your children, as all they must do is follow your specific instructions.
If you do not leave a Will, all your belongings will pass to your surviving spouse, if any, and then to your children based on Virginia’s intestate succession laws, which generally require equal division of physical assets among heirs. Any belongings not specifically mentioned in a Will would also be subject to intestate succession laws. Our estate planning attorneys at Parks Zeigler, PLLC, can help you draft a detailed Will that takes all of the guesswork out for your kids.
If your children are not left with a Will to help guide them through the division of assets, they will be required to divide them equally based on Virginia’s intestate succession laws. There are very few parameters on this division, so the process will look different for each family. First, your kids will likely create a complete inventory and valuation of all household items, including furniture, appliances, jewelry, collectibles, and sentimental keepsakes. This step may require an appraisal if there are any high-valued items so that each child receives an equal share. Next, it will be up to your children to decide who receives what. This part of the process is often contentious and can sometimes require a mediator to maintain family harmony.
If you are thinking about how your children are going to divide household items after your passing, let us help you draft a Will with guidelines for your kids to follow. A well-prepared Will can clearly outline your wishes for the distribution of items, reducing the potential for confusion or disputes among family members. Without a Will, the state determines how your assets are divided, which may not always reflect your preferences. Give our attorneys at Parks Zeigler, PLLC, a call so that we can secure a plan for your family’s future and provide your children with peace of mind during a difficult time.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Parks Zeigler, PLLC – Attorneys At Law
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