Planning for Life

5 Ways to Divide Tangible Property in an Estate

Posted by Harry S. Margolis on September 10, 2019

By Harry S. Margolis

tangible property - will - estate-planning-Margolis-and-Bloom

When anyone dies, they’re likely to leave tangible personal property, which is what lawyers call anything you can touch, such as furniture, dishes, silverware, artwork and photo albums. The problem with distributing this property is that you cannot do so exactly equally. In addition, many items may have little or no monetary value but significant sentimental value. So how can you be fair. Here are four methods you might use, or in some instances you might use a combination.

  1. Sell. When the estate includes a few items of significant financial worth that can't be equally distributed among heirs, the property might be sold and the proceeds distributed equally as cash. This is what the family of a friend did. His parents had rescued one valuable painting when fleeing Europe before the Holocaust. which he and his sister sold at auction at Sotheby's.
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Topics: Probate Estate Administration, tangible personal property, personal representative, executor

Have You Wondered What You Need to Do as Executor? A Website Provides the Answers

Posted by Harry S. Margolis on August 28, 2019

By Harry S. Margolis

Executor-Will-Margolis-and-Bloom-781-705-6400

If you've been named as executor or personal representative in someone's will, whether the person has recently died or you know you may need to fill this role in the future, you no doubt wonder what the job will entail. While you will likely hire an attorney to help with the process, it's difficult to get a complete picture of all the steps and details.

12 Step Process

A new website, Executor.org, now provides such a comprehensive view and a system of keeping track of where you stand in the process. It works in large part as a series of 12 checklists with explanations of each item on the lists. Its 12 steps are as follows:

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Topics: Probate Estate Administration, personal representative, executor

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