NAME YOUR PRECIOUS JEWELRY TO YOUR HEIRS
AS AN JEWELRY APPRAISER OF NEARLY 40 YEARS, I’VE COME TO EXPERIENCE THE UNFORTUNATE SITUATIONS OF CLIENTS NOT PLANNING WHERE THEY INTEND PRECIOUS HEIRLOOMS TO GO IN THEIR WILL.
LET'S ASSUME THAT MARY HAS THREE DAUGHTERS AND A SON AND NEVER DISCUSSED WITH HER CHILDREN WHO WOULD RECEIVE WHAT OF HER JEWELRY AFTER SHE DEPARTS. EACH OF HER CHILDREN ASSUMED OWNERSHIP OF MARY’S ITEMS, BUT SINCE IT WAS NEVER DISCUSSED, THE HEIRS WERE SURPRISED BY THE CONFUSION AND QUIBBLING THAT TOOK PLACE AFTER MOM DIED. EACH ASSUMED THEY WERE TO GET HER MAIN DIAMOND ENGAGEMENT RING AND THE ROLEX OR THE FAMILY HEIRLOOM OF GRANDMOTHERS.
MARY COULD HAVE ELIMINATED A LOT OF THE TURMOIL AND CONFUSION THAT HER CHILDREN HAD ENCOUNTERED HAD SHE MET WITH A QUALIFIED JEWELRY APPRAISER TO HAVE ALL HER JEWELRY APPRAISED FOR VALE, PHOTOGRAPHED AND DOCUMENTED AS TOHER WISHES, AND WHICH OF HER CHILDREN WOULD GET WHAT OF HER PRECIOUS TREASURES.
INSTEAD, THE EXECUTOR OF THE WILL HAS THE BURDEN TO MAKE DECISIONS ON BEHALF OF MARY WITH THE FOLLOWING RESPONSIBILITY IF THE HEIRS CAN COME TO A RESOLUTION.
- AN EXECUTOR MAY HAVE TO SELL THE ITEMS WHEN FAMILY MEMBERS CAN’T REACH AN AGREEMENT AND MAKE THE CHOICE THEMSELVES OF DISTRIBUTION.
- EXECUTOR WILL HAVE TO HAVE ITEMS APPRAISED AND CAN CHOOSE TO SPLIT THE JEWELRY OR SELL IT ALL AND SPLIT THE MONEY THE WAY THEY FEEL NECESSARY
CONSIDER MAKING THESE CHOICES INSTEAD
- MAKE AN APPOINTMENT WITH A QUALIFIED PROFESSIONAL APPRAISER FOR YOUR ITEMS TO BE APPRAISED TODAY
- MAKE THE CHOICES OF WHO WILL RECEIVE WHAT OF YOUR JEWELRY TREASURES
- DECIDE WHAT YOU WANT TO LEAVE AND WHAT YOU WANT TO SELL, AND DISCUSS THE ITEMS THE HEIRS WILL ‘NOT’ WANT.
- HAVE ALL THE APPRAISES WITH PHOTOGRAPHS AND NAME YOUR INTENDED HEIR’S NAME ATTACHED TO THE DOCUMENT.