A significant part of the probate process is spent addressing major assets. This can include investment portfolios, bank accounts, real estate, retirement accounts and more. It is certainly true that probate disputes can arise – potentially leading to litigation – when beneficiaries do not agree on how these major assets should be divided.
But it is also important to think about family heirlooms. These can also lead to probate disputes, which can sometimes be even more difficult to resolve.
Sentimental value
The challenge is that family heirlooms often carry significant sentimental value, even when they have little or no financial value. When beneficiaries are debating how to divide the financial value of an asset, there is always the option to sell it and split the proceeds.
Family heirlooms are different. Because they often do not have much monetary value, selling them is not usually a viable solution. Beneficiaries are not disputing ownership because they want money, but because they want that specific item. There is often an emotional connection, and these heirlooms may be tied to memories from childhood or important family traditions.
Additionally, there is usually no way to divide physical heirlooms. If two beneficiaries both want a family Bible or a set of holiday dishes, they cannot share them. Purchasing identical items so that each person has one is also rarely an acceptable solution, because the dispute centers on ownership of the original item. The conflict arises precisely because multiple beneficiaries want the same heirloom.
The legal process
These disputes can be highly emotional following a parent’s passing, and they are often complex to resolve. Those involved need to understand what legal steps to take as they move through the probate process.
