The executor or personal representative of an estate has many challenging obligations to fulfill. They must follow the instructions included in an estate plan or adhere to intestate succession laws. They typically need to identify and take control of the estate’s resources. Any assets that belonged directly to the decedent become part of their estate after they die.
In some cases, testators may have provided very clear instructions regarding their assets with the greatest sentimental value. For example, a grandfather may have left one of his wristwatches to each of his grandchildren. The beneficiaries of an estate often fight over the assets with the most financial value. However, conflict can also arise regarding the sentimental value of certain resources.
If there aren’t clear instructions for addressing personal property, how can a personal representative properly address assets with sentimental value for beneficiaries or heirs?
Determine the value of the assets
Just because an asset has sentimental value does not mean it lacks economic value. To ensure fairness when making decisions about resources with sentimental value, personal representatives typically need to roughly estimate the fair market value of those assets.
Works of art, antiques and other personal property can represent hundreds of dollars on the resale market. To ensure fairness, personal representatives need to determine what sentimental assets are worth before deciding how to distribute them.
Inquire about beneficiary or heir preferences
In scenarios where the deceased individual did not provide thorough instructions regarding what each beneficiary should receive from the estate, personal representatives may have to make judgment calls during a state administration. In addition to considering the value of sentimental assets, they may also need to consider the attachment that beneficiaries have to different assets.
One child may want a specific work of art or piece of furniture, while their sibling may have their eyes on other items. Discussing sentimental assets not included in estate planning documents with individual heirs or beneficiaries can provide valuable insight for the personal representative. People can indicate what resources matter the most to them and can also relay their understanding about which ones are more important to other beneficiaries as well.
Taking the time to properly allocate personal property that has sentimental value can help ensure that beneficiaries or heirs retain something with emotional significance at the end of the probate process. Personal representatives may need help handling the nuances of estate administration, including the distribution of assets not specifically included in an estate plan, and that’s okay.