Who gets the cat figurine?
It’s an age-old problem. Who do you want to receive cherished items after your time is up? One woman, a family friend of one of our planners, used Post-it® Notes on the bottom of items so her children would know who was supposed get the treasured cat figurine or the antique chair. The notes fell off (or perhaps were taken off). It was a real mess. Enter FairSplit.com, a modern solution to the age-old problem of estate division. Their tagline is, “Divide Things, Not Families.”
FairSplit’s service is one of the many currently available software options that can be used to create a legally binding distribution as part of a broader legal will; or it can be the tool that heirs use to inventory an estate. Estate distribution is one of several applications of FairSplit’s service. Divorce and downsizing are also applicable, but the focus of this Blog post is estate division (both estate and divorce serveries have a “do-it-yourself” option).
The do-it-yourself steps include a rapid-list software assistant you can use to quickly add typical room items if you’d prefer to input things item by item. Once the list is completed, photos are taken and uploaded, and values assigned. If this process seems too daunting and cumbersome, you can hire a professional or an agent from FairSplit to do this for you. Daunting as it may be, if it keeps the peace, it could certainly be worth it. FairSplit has created a nationwide network of agents to photograph, list, and impartially value items if you would like to bring in outside help.
Once the list is completed, the Asset Review round begins. Family members can review the items online and indicate if they are interested in the item or not. Next is the Emotional Value round, where points are given to each participant so that they may bid on highly-sentimental pieces. Once those emotionally-charged items are allocated, more traditional methods take place, such as alternating selections or ranking items in order of preference.
FairSplit also works in conjunction with the ListStuffFast app available for the iPhone or iPad. This home inventory app helps you get started by photo documenting your home assets. To find out more about FairSplit, visit www.FairSplit.com.