Like any game, in order for The Settlement Game to be fair, all participants (heirs) must know and agree upon the rules, and then all must play by them. In the 'game' referenced within the system of organization taught in this book, there are four basic Ground Rules. These are so important! They will make a great difference in the final outcome of the Estate Settlement. Here is a list of these Ground Rules:
1. Determine the 'players' - (Heirs Only - no spouses or other family members).
2. Commit to a Common Goal: (To keep peace within your family).
3. Do NOT remove anything from the home (or premises). Let everything go through the process of the 'settlement game'.
4. Establish a 'System of Organization'.
This article will center especially on the 4th of the above Ground Rules. Establishing a 'System of Organization' will truly make the difference between an orderly transfer of property and utter chaos. Regardless of who is appointed 'Executor' - decide on the 'heir' who has the best organizational skills or business background to be in charge of this part. Appoint this person to be the official record-keeper for the entire process. (This may be - but does NOT have to be the Executor). Example: One sibling might be the Executor, but another may have better organizational skills. Therefore, they can create a method for 'joint' duties related to many of the items that needed to be handled.
Next, acquire the necessary supplies for recording the information. This includes such items as a notebook, blank paper for recording notes and miscellaneous information and facts, pens and pencils (with good erasers), a small cash box, a petty cash receipt book and basic office supplies. It is extremely important that accurate records be kept throughout the process. The first essential record-keeping item to include is a quality appraisal. Hire a professional appraiser to come in to make a list of every item that has any value and assign a dollar amount for each item. A good appraiser is worth a great deal in this process, so find one who is reputable and ethical. Ask for quality recommendations from legal counsel or from financial planners or others whom you trust. Get references - and BE SURE TO CHECK THEM! Everything depends on this appraisal, so take the time and spend the money required for this. (NOTE: You may be surprised at the results. Sometimes you will discover items with greater value than you might have expected).
There are other similar steps in the record-keeping process. One thing to remember is to approach the entire process as a major 'cleaning-out' extravaganza. Tackle one room at a time and go through everything - every drawer, cabinet, closet, box, etc. The process of cleaning up creates a lot of true 'trash'. However, REMEMBER THIS: Don't throw anything away until all agree that it is truly "trash". Just about everything has value to someone.
Naturally, there are many other miscellaneous steps in the 'System of Organization' related to the division process of an estate settlement. Above all, keep this in mind: This is a golden moment in time...treasure it...make it count...it is forever! Make sure you follow a system of organization that teaches you “How to Settle an Estate Peacefully and Fairly.”
What is an Estate Plan?
There are many misunderstandings about Estate Plans and who should have them. Many people think that an estate means a large tract of land and great wealth and extensive personal property that is very valuable, such as vintage antiques and collectibles. Although this can be true, ‘estate’ does not mean the same to everyone. In a recent version of Webster’s Dictionary, there are three definitions for the word estate:
What Did James Brown and Anna Nicole Smith Have in Common?
Perhaps if both of them had followed the advice recommended in the following article, their estates could have been settled more quickly and easily. Obviously, they did NOT "Get their houses in order" soon enough. Don't cause your loved ones the agony of going through unnecessary struggles and heartbreak when faced with settling your own estate. All of us - and our children - must face this inevitable time of life some day.
In Estate Planning – An Ounce of Prevention is Worth a Pound of Cure
Shakespeare’s words speak a profound truth when it comes to Estate Planning and ultimately, Estate Settlements. Accordingly, preventing problems (‘an ounce of prevention’) is worth much more than trying to solve them (‘is worth a pound of cure’). When I tell people the name of my book, THE SETTLEMENT GAME: How to Settle an Estate Peacefully and Fairly, the immediate response I often receive is an expressive ‘roll of the eyes’ and then a comment like “Already been through it – too late for me – wish we’d had that a couple of years ago. I have two sisters who still aren’t speaking to each other.”
