Last year, I realized that a few of our employees did not have the best intentions when they came to work. It seemed like their goal was to slack off and avoid work, and it was really frustrating. I realized that I had to do something in order to make things right, so I started working with them to train them. I also installed a camera system and explained the consequences of their actions. Within about six months, we were able to completely overhaul things, and it made a huge difference. This blog is all about keeping employees productive and on track, so that you can keep your company viable.
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Executing an Estate with Jewelry? 5 Steps to Success
Grace Hanson
Are you the executor of an estate that includes jewelry? While all assets in an estate can cause their own challenges, jewelry is often more difficult than most. This is because not only does it combine sentimentality with financial value, but it also may consist of wildly uneven individual values. How can you successfully handle the jewelry assets of your assigned executorship? Here are a few steps to follow.
1. Check for Wishes. The most important thing in most estate decisions is adhering to the wishes of the deceased person whose estate is was. Certainly, you should scour the will and estate documents first to find out if they left any instructions regarding the jewelry. The last thing you want is to accidentally sell a piece that should have been kept.
2. Value Pieces Individually. No matter how you plan to divide up a jewelry collection among heirs (in the absence of written directives), have all the items valued by an estate jewelry professional before making any moves. This should include even lower-value pieces, which may be needed to fill in gaps so as to make fair and accurate choices about ownership.
3. Start with Sentimentality. Most families have some sentimental attachment to at least part of a loved one's jewelry collection. These pieces should be addressed first, since they are likely to cause the biggest potential conflicts. Determine who would like which jewelry for personal reasons and how such a division would affect the value of their share.
4. Strive for Fairness. When divvying up jewelry among heirs, fairness is vital. This includes fairness in both emotional considerations and financial ones. If one sibling wants a particular necklace valued at $1,000, you may need to ensure that the other siblings receive items of equal value. You could also offer them an alternative item they have a strong connection to in lieu of monetary equality.
5. Sell Unsentimental Pieces. Usually, any jewelry that heirs aren't emotionally tied to should be sold to an estate jeweler. Why? Fairly dividing up cash is much easier than trying to divide actual jewels. And because you know the value of each item in the current market, you ensure that everyone receives the inheritance value they expect to.
Want more tips for managing the jewelry of an estate? Start by consulting with an estate jewelry buyer in your area. With their expertise, you can design a plan that ensures a fair and objective distribution of your loved one's jewelry.
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