Dividing Family Heirlooms and How to Go About It

There is never a good time to divide up family heirlooms. However, when it happens, it needs to be carried out with a cool head, rather than in a heated argument. Unfortunately, this seems to happen in more families than you would expect.

Of course, this can be made easier if there has already been a plan in place for at least the expensive items, but with elderly relatives being moved into nursing homes, it tends to fall to the nearest and dearest to sort through belongings, divvy up that which can be saved and sell others to pay for fees and expenses of the care facility.

#1 Jewellery

Jewellery is generally regarded as a very personal possession. Although precious metals and gems can be desirable to most, the sentimental attachment can be worth so much more. In saying this, jewellery is something that should be worn, rather than locked away in a safe or, for that matter, a jewellery box.

So, when dividing up this very personal part of your loved one’s life, you should take into account whether the items are actually going to be worn by the new owner or whether they would be better off going somewhere else to be appreciated.

#2 Furniture

In times gone by, breaking up a family estate meant having to deal with large, heavy, imposing pieces of furniture that were made for large homes to dominate rooms. However, in more modern times, furniture is generally smaller and daintier. This is not to say that you may unwittingly come across an antique hiding in the corner of your elderly relatives’ home, but before you get too excited, you need to know how to spot fake antiques.

Once you have ascertained whether it is (or not) an antique, your next move is to get it valued by a professional antique dealer or auction house. It is a good idea to get this done regardless of whether the piece is going to be sold. This is because it will provide you with an insight into how much the piece is worth, as well as provide you with an idea of how much you should insure it for.

#3 Real Estate

It is an unfortunate fact that most of the real estate will have to be sold to pay for your loved ones’ keep and care. This is, of course, unless you can come to some arrangement with the family and can afford to rent it out to pay for the nursing bills instead. If this is not possible, then you have the heartbreaking decision of selling the property taken completely out of your hands.

Undoubtedly, nursing care expenses are far from cheap, but if you have a little time and a supply of funds, you may find it worthwhile to get the property up together to achieve a higher asking price.

Final Thoughts

It is never easy to break up a loved one’s home and delve through their personal items, even if they are moving into a nursing home. If plans are not in place, then agreements need to be met to reduce the likelihood of family feuds or falling out. Dividing up with a mind as to who wants what due to sentimental reasons is a good idea until two individuals want the same article.