3 Tips for Passing Down Family Heirlooms
3 Tips for Passing Down Family Heirlooms
By
We The People (Vivial)
How to Leave Family Heirlooms to Your Heirs
1. Be Specific
In your will, describe in detail each heirloom you want to pass down. Avoiding vague language will ensure there's no confusion or dispute among your heirs. This is especially helpful for sets of similar items or larger collections, and it will simplify and streamline the transfer of your assets when the time comes.
2. Write Notes
It's possible that the intended recipient of an heirloom doesn't know the rich history of the piece or its emotional or familial significance. Consider writing the designated heirs letters explaining the heirlooms in greater detail and storing these notes with your will, living will, and other estate planning documents. The recipients will gain a deeper appreciation for the item and feel more compelled to keep it in the family and continue the tradition of passing it along someday.
Along with the letter, you may also want to include family photographs of the item throughout the years so that the recipient can visually connect with the history of the piece. An example would be a photo of your great-grandmother wearing the necklace that your daughter will receive one day.
3. Get an Appraisal
An appraisal is an evaluation of the monetary worth of an item, performed by a neutral, third-party expert. They'll provide you with a written assessment and dollar value, which you can include with the item letter. This way, the inheritor of the piece will have a better understanding of its worth so that they can insure it, if necessary, and store or utilize it to maintain its condition and quality.