3 Tips for Passing Down Family Heirlooms

1. Be Specific When listing specific items in your will, also known as GIFTS, be as specific as possible to prevent any confusion and ensure that each item goes to the intended recipient. For example, instead of saying "my granddaughter can have my jewelry," list each piece of jewelry and the name of the granddaughter who will receive it. Being specific will also prevent any conflicts among family members, which can happen when there is ambiguity or lack of clarity in the will.

2. Get an Appraisal. An appraisal is an evaluation of the monetary worth of an item, performed by a neutral, third-party expert. Getting one for each of the items you plan to pass down is especially important for high-value belongings like jewelry, artwork, and antiques. An appraisal will help you understand the true worth of the items and ensure that they are distributed fairly among the recipients. It's also important to update the appraisal regularly to reflect changes in the item's value over time.

3. Write Detailed Notes Writing notes about each item to provide context and history will help the recipients understand the sentimental value of the items and why they are being passed down. The notes can include information about who originally owned the item, when it was acquired, and any significant events associated with it. This will help preserve the family's history and provide a deeper understanding of the items. 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.