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Personal Possessions, Your Will & Your Beneficiaries
10 December, 2020 3 minutes reading time
When making a Will, you might naturally focus on distributing your major assets—your home, properties, savings, and car. However, the smaller items, your personal possessions (or “chattels“), often cause the most friction after you’re gone.
While the monetary value of these possessions is usually tiny, their sentimental value is often immense. Disputes over who gets what can permanently damage relationships, resurface old resentments and sometimes even lead to expensive legal battles.
Battle Over Robin Williams’ Estate
The widely reported dispute over Robin Williams’ estate illustrates the problems that can arise with personal possessions. After he died in 2015, a bitter argument erupted between his widow, Susan Schneider, and his children from previous marriages. The disagreement centred on the wording in his will regarding personal items.
His will placed “clothing, jewellery, and personal photos taken before his marriage to Susan” and “entertainment memorabilia and awards” in a trust for his children. The remaining contents of his Tiburon house (excluding those items) were left to Susan. Susan was also given the right to live in the Tiburon house for life, with a trust fund (managed by Williams’ attorney and accountant) covering all house-related expenses.
On the surface, the will seemed clear: his children would receive specific personal items, and Susan would be provided for. However, vague terms like “memorabilia,” “collectables,” and “knick-knacks” led to a costly and painful dispute. For example, Susan was unsure if “all costs related to the residence” included repairs, causing her financial anxiety. She also questioned whether personal items like his wedding tuxedo belonged to her or the children. Communication broke down, and animosity grew.
Although the dispute was eventually settled, the negative publicity was damaging, which was precisely what Williams had hoped to avoid by planning his estate.
Importance of Personal Possessions
The moral of this case? When you’re thinking about your Will, don’t underestimate the importance of your personal possessions. Sentimental value attached to personal items can be immense, and disproportionate. Be clear. Make a list of things, or a ‘letter of wishes’, where possible. Choosing not to confront this issue at the outset and leaving your Executors to distribute your ‘chattels’ at their discretion, may leave them exposed to a complaint. Your letter, which is placed alongside your Will, can explain why you want certain people to inherit specific things. Your explanation is likely to diffuse any potential argument or conflict.
Naturally, speaking to your family face-to-face is also useful. Sharing your thoughts and openly discussing your wishes with those close to you can give clarity and an opportunity to ask questions.
Our Advice
Circumstances vary for everyone, and you should tailor your Will to suit. A Will should accurately reflect your wishes. Specialist advice will make a difference. Our team has many years of experience advising clients about estate planning and can guide you through the process
If you need further advice or information, please contact us. We’re here to help.
Please note that all views, comments or opinions expressed are for information only and do not constitute and should not be interpreted as being comprehensive or as giving legal advice. No one should seek to rely or act upon, or refrain from acting upon, the views, comments or opinions expressed herein without first obtaining specialist, professional or independent advice. While every effort has been made to ensure accuracy, Curtis Parkinson cannot be held liable for any errors, omissions or inaccuracies.