June 30, 2021 by Nancy Ling
Partner Nancy Ling regularly advises clients in the practice areas of wills, trusts, estate and incapacity planning, estate administration, residential and commercial real estate, property matters, corporate transactions and business law.
In this edition of Legal Matters, she discusses what happens if you don't leave specific instructions about your estate. It will be left up to the executor to decide who gets what items. Of course if there is sentimental value on something that one of your beneficiaries wants, you want to make it clear in your will.
Transcript:
Many people when doing their last will and testament will simply leave everything they own, or what we call the residue, to their heirs. However some people like to leave specific items to specific people; for example they would like to leave a family heirloom like a portrait to a certain branch of the family. If you don't leave instructions regarding your personal effects your executor will have to use his or her discretion and perhaps some negotiations with your beneficiaries to decide who gets what. Some items may be sold however some may have no commercial value, but just because a member of the public would not be interested in purchasing an item does not mean that item doesn't hold sentimental value to a family member. I advise my clients and executors to keep in mind the potential sentimental value of an item when liquidating an estate. Sometimes the best option is to ask your beneficiaries if there are any items that they have strong feelings about. However if there's the chance of a disagreement another option is to prepare your will with a mechanism for your beneficiaries to take turns choosing an item that they would like out of your estate.