In the last few weeks we have written here about dealing with family legal issues as you gather for the holidays. For a variety of reasons, these are not always easy discussions but they are always more successful when the family is all together.
The toughest of these many discussions deals with the division of tangible personal property.
The Florida Department of Revenue defines tangible personal property as all goods, chattels, and other articles of value (excluding some vehicular items) capable of manual possession and whose chief value is intrinsic to the article itself. Inventory and household goods are excluded.
It has been our experience that the division of tangible personal property can become very emotional for family members. It is much easier to divide stock, bonds, cash and similar assets. But when it comes to the division of family valuables and collectibles, the result could be heated family debates and conflicts that can fester for years.
There is really no good time to have these discussions. You certainly don’t want to ruin family holiday gatherings with a debate about these family heirlooms. But not discussing it leads to a far worse possibility. We have seen many families ignore these issues until after a parent’s passing. There may be no worse time to discuss this than when you are already dealing with the emotional challenges of a parent’s death.
While family gatherings during the holidays may not be the best time to do this, as a parent, wouldn’t you rather it happens now instead of when your children are grieving over your passing. Plus, you may have your own feelings about what each child should get. This way you can express those feelings, and the children may be more likely to honor your wishes.