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 until it goes
through 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 need to be handled.
Next, acquire the necessary supplies for recording the information. This
includes such items as a notebook, blank paper for notes and miscellaneous
information, 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.”