One of the leading causes of family disputes in estate planning is the division of tangible personal property. No family is immune from disputes, including the children of Dr. Martin Luther King, Jr. (MLK). As we celebrate MLK Day today, we can learn from the dispute among his three living children. Last year, former president Jimmy Carter had to volunteer to mediate a dispute over how to handle the MLK traveling Bible and 1964 Nobel Peace Prize medal. The dispute arose over whether the items should be sold to cover expenses of the Estate.

Approximately 30 of the 50 states allow you to create a “written list” of tangible personal property to be distributed at your death, if your will specifically allows for the list to exist. Both Missouri and Arkansas allow for these lists, with the Missouri provision being found in Section 474.333 RSMo. The list allows you to distribute personal property to the named beneficiary without having to constantly modify or amend the terms of your will. Certain items may not be left via this list, such as real estate, vehicles, bank accounts and other items that require a title. The great benefit of this written list is that it must only be signed and dated by you, and it should be kept along with your will. The list does not have to be notarized, typed, or drafted by a lawyer. The main purpose is to leave family heirlooms and other personal property items to family members and friends.

So, why is this interesting? There are several reasons, but a few stand out. First, it helps to eliminate disputes at your death. Second, while you are creating the list, it gives you a great way to discuss personal property items with your family in advance. You will probably be amazed when you tell someone you drafted a Will and want to know if there is anything of yours that they would like to receive. You may not get an answer, but you may also discover that something you though of as “junk” may be an important memory and desired family heirloom. Third, and finally, the list allows you to easily change the intended beneficiary of personal property over time as family members predecease you or you simply change your mind.

Here are two tips to consider when making your list:

1. Make up a paragraph describing the item and its previous owners. This greatly increases the importance to future generations. Remember that your childhood playthings are your grandchildren’s heirlooms.

2. Explain why you are giving them the item. An explanation for the specific gift will be a priceless treasure to the recipient.

There is no way to know if such a list would have spared the MLK heirs from their current dispute. It certainly would not have hurt.

“An ounce of prevention is worth a pound of cure.” When making your estate plan, do not go it alone. Be sure to engage competent professional counsel. Please contact Kennedy, Kennedy, Robbins & Yarbro, LC or call us at (573)686-2459 if we can assist you with your estate planning needs.