This can be a difficult situation and can create lasting friction amongst family members, especially if the collectible has sentimental value.

If the beneficiaries refuse to come to an agreement, the only option for the executor is to draw names.

If the collectible is valuable, the executor must include its appraised value in the general estate, ensuring that beneficiaries who did not have their names drawn are equally compensated with other assets or with cash.

 

©QuickEstate Administrators Inc.