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Wills - Opinions Wanted

inheritence passing on

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#1 johndeereelfman OFFLINE  

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Posted April 25, 2015 - 07:19 PM

My wife and I are needing to get a will drawn up or at least get one started. Not because anything is happening to either of us anytime soon, but because we put it off long enough. As most of you know, we have three kids, two boys and one girl. All three kids enjoy the tractor collection, however it's too large to let them pick through everything and claim pieces they want, and be able to end up fairly as far as worth. I'm sure they kids don't care about worth or a final dollar amount, but I want to be sure they are all ending up with at least the same amount of value as possible.


About three years ago, I listed all of the tractors that I own, each on an individual piece of paper, folded each piece and threw all of them into a hat. Each kid drew a piece of paper one at a time and I wrote down what tractor they drew. It worked out that they all got the same amount of tractors, (10 each) however, some tractors are valued a little more than others, and my youngest son seemed to pull all of the highest valued ones like both '66 112's and the '63 110. All three kids decided this method of drawing tractors was fair, and they all seem content with the final results, but I just don't feel right about it. Even though they all agree now, I can just see how this will all turn out years down the road after my wife and I pass on. Plus, when the time comes to read the will, I don't want the kids to feel obligated in finding a place to store their newly inherited collection, especially if their interest in tractors fall by the way side throughout the years. 


As like most people, my wife and I are planning on having a long life and growing old together, and if all goes well, we will have a public sale of most of our items or belongings before we go. I don't want the kids to have to sort everything out later and taking the chance of ruining their relationship by fighting over our little petty things.  


Anyway, here is my questions for the group to give some input or ideas:


1. Am I wrong for separating the tractor collection this way? Should I only give each kid one tractor to choose, say put only the three high valued tractors in the hat, and let them drawl only from them? This way they would each get just about the same amount. They already have a tractor each that was willed down from my Dad, and I will make a note in our will about those, as well as include a picture of each tractor with the kids name attached, so there won't be any concern as to who owns which. So even though they'll already have a tractor each from Dad, would I be overwhelming them by willing them with a tractor from my collection?


2. If only willing three tractors from my collection, would you state in the will that all other tractors get sold at public auction and the final dollar amount gets split equally between the three?


3. Would you included an attachment with each tractor? Before you answer, I would include a mower deck with each tractor as standard, so when I ask about an attachment, I'm referring to something other than the deck. Again my question would be, would you list all of the attachments individually or just list the ones that are higher in value and let the kids draw from a hat?


4. When it comes to choosing the attachments, my Model 20 Air Compressor is probably the most valued attachment. Since it's valued more than my other pieces, would you sell this at auction or would you have the kids draw for it, but maybe do a best of seven draw, that way then each kid would have a better chance on getting it? At least if one of them draw it, it will stay in the family. If it goes for auction, it could possibly go into someone else's hands. All three kids know how hard these compressors are to find, but my oldest son is the only one who really shows any interest in it. 


4. I have enough rear wheel weights, hubcaps, dump carts, and  integral hitches for three tractors if that is the way we decide to break up everything, so would you include these with each tractor or would you sell them separately? 


5. A little different topic, but would you will out your wrenches, socket sets, and other miscellaneous hand tools, or would these be considered public sale items only? 



Some of you guys will think that these are kind of anal questions, and might think they are no brainers, but to me, these are tough questions. I believe in being fair, considerate of how things might stand down the road, and confused on how things should be broken up. After 25 years of collecting, it almost seems like it was easier putting the collection together, than it is now trying to figure out the best way to split it apart!  :(

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#2 wvbuzzmaster OFFLINE  


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Posted April 25, 2015 - 07:30 PM

I say that the tractors and implements shoud not be sold until all three kids have what they want out of the collection, because at auction... If they wanted something, they would end up paying too much for it.

Give them each one of Dads tractors, each one of your tractors, and then let them pick their other tractor items. However, to make it fair, and interesting, list the fair market value of each item left to pick from, and then they can pick and chose all day... As long as they all end up with agreeable value amounts of the items they want. Anything they can't agree on, or is left over... Goes to auction, end of story.

Edited by wvbuzzmaster, April 25, 2015 - 07:30 PM.

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#3 hamman OFFLINE  


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Posted April 25, 2015 - 07:30 PM

I would think that is the kids have already agreed on the selection process and are happy with what hey will inherit when the time comes that should suffice. If you have enough hub caps etc for three tractors let on set go for one each of the kids tractors. I would list all the implements and again let them decide if they want them. If not, set them for public sale and then list that the money be split 3 ways. As far as the tools I would leave that up to the kids. Ask them if they want to divide them up or if they want you to divide them up in the will. If the later , so be it. I will have this problem with my firearms and my three kids. It's never to early to start thinking about this. KM2CW ! Good luck.                                                                                                                                                            Roger

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#4 HowardsMF155 OFFLINE  



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Posted April 25, 2015 - 09:49 PM

Interesting question.  I went through this on the "receiving" end so to speak a few years ago.  Dad held a "chosing match" for the stuff that was important to us, things like the family dining table, bedroom sets, silver utensils and the like.  We all had an opportunity to add to the initial list before chosing began, and had an opportunity to look the list over.   His will was written around the results of our choices.  Further, Dad's will stipulated that after his death, any other item could be added to the pool and chosen as well.  To the best of my knowledge, this resulted in a reasonalbly satisfactory solution for myself and my siblings.  

     However, as executor, it fell to me to enforce and track all the activity, which was an added burden.  


     I suggest you do not attempt to value your collection, at least not to your kids.  Have your children chose one or two tractors they like, then perhaps distribute the remainder in an attempt to balance value.  You will need to address this every few years as your children grow, they may not place the same value on your tractors that you do.  I know that my siblings were quite content that Dad's minor Gravely collection go to me only, which was simply a verbally expressed wish on his part.

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#5 wvbuzzmaster OFFLINE  


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Posted April 26, 2015 - 12:45 AM

Just one note to remember: If it is apart now, start grouping the parts together.... And make sure your kids know what it what in your collection as it will be difficult to figure this out later. Even if it doesn't get kept, it will make it more valuable at the auction if someone there knows what it is.

Only thing I hate about auctions, is scrapers, so please stipulate that the auction can only be held if members of GTTalk are present and accounted for.

Edited by wvbuzzmaster, April 26, 2015 - 12:48 AM.

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#6 boyscout862 OFFLINE  

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Posted April 26, 2015 - 12:51 AM

Its good that you are thinking ahead and doing a will but I think that you are over thinking it. Let everything be a private, heirs only, auction. Things that they want they pay for. In the end, all proceeds are then equally divided amoungst the heirs. That is what I did as executor of my fathers' estate. He had many tools that my brothers and I wanted but my sister had no interest in. We boys got tools and she got money.


I have seen all types of nightmares for estates. It helps to have a will but, what also matters is the type of people that are involved in the administration of the estate. Don't let the executor name their salary. I saw a lawyer wipe out an estate by paying himself an outrageous salary because the parents named him executor instead of one of their children.


Good Luck, Rick

Edited by boyscout862, April 26, 2015 - 12:52 AM.

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#7 DennyIN ONLINE  

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Posted April 26, 2015 - 05:19 AM

The stage is already set, you have already had them draw and they seem content with the results. To change that now may bring about "that was supposed to b mine". Just because a tractor has less monetary value doesn't mean it has less sentimental value. My Dad's old JC higgins shotgun with less monetary value means more to me than any browning shotgun or WWII hand gun he had that was worth lots more. When the time comes and each child must find a home for their share, they should have the option to keep/sell/trade/store what they want. A like attachment should go to each child, with accessories like weights etc. If you have a one off, like the compressor, it should go in the auction to be bid on if the three of them can't agree on who gets it. Hand tools, if they can divide amongst themselves without controversy, so be it. If they can't then they should go in the auction to be bid on. Hopefully they all get along and will always get along so they can work it out amongst themselves. 

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#8 trowel OFFLINE  



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Posted April 26, 2015 - 06:51 AM

Coming for someone who is exempt from any family inheritance it is IMO to set up a temp will in the event of a disaster and allow the younget of the children to mature into young adults before finalizations and make sure each receives the tractor he/she likes, not the values. After the choices then you can add tractors on the side to even the values per child.


All the other post above carry great advices and I agree with them.


You are smart to plan ahead and take care of your children, I respect that.

Edited by trowel, April 26, 2015 - 06:54 AM.

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#9 UncleWillie OFFLINE  


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Posted April 26, 2015 - 09:45 AM

If they are happy with what they drew let them go with it.

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#10 Mr Electrak OFFLINE  

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Posted April 26, 2015 - 10:18 AM

Sad to say, but nowadays you have to CYA . You really need to put down on paper exactly what your wishes are; who will get what, and who will be responsible for getting it completed.

Money too often changes people, and family dynamics - whether they will admit it or not.

So if everything is on paper, in your words, there should be no fighting over who gets what.

We did ours a few years ago, then sat down with the kids, and showed them the paperwork. We had a good talk, and made some minor changes at their suggestion, and with their agreement.

Worked for us....
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#11 oldedeeres ONLINE  

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Posted April 28, 2015 - 12:39 PM

         I am still chewing on this one as I am in much the same position. The only absolute is that any will is better than no will. My Olde Deere's father died without a will and up here, then, it took seven years to settle the estate because my younger sister in law was under age. All the advice so far given has been valuable IMO.

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