Leaving Jewellery in Your Will

Family Heirlooms
Many pieces of jewellery become family heirlooms, and acquire great sentimental value. Many families have informal understandings whereby certain pieces of jewellery are to pass to particular family members. If these arrangements are not written down they can be a source of disagreement when the estate comes to be distributed. In these cases it is best to leave a list of instructions, as part of a will, specifying which pieces of jewellery are to go to who. This helps to eliminate argument and disagreement between family members. Obviously this can apply equally to other personal possessions.
We sometimes get customers who want us to make a two-stone diamond ring into two solitaires, to give each of two daughters, or to buy two solitaires matching an existing one, so that they have three similar items to give three daughters.

Valuations
It can be useful to have a valuation for each piece the jewellery. This could be an old valuation, perhaps an insurance valuation previously used by the deceased, or a probate valuation obtained by the executors. A valuation in itself will not prevent disputes arising, but it may help.

Auction or Tender
Where someone has not specified which personal possessions should go to who, the disagreements that can arise can often be quite acrimonious, and lead to long term ill-will between family members or whole branches. One solution which we devised some time ago, and which we have not heard elsewhere is to hold a small private auction or tender between the family members and beneficiaries. It can work very simply and effectively, and because it gives everyone an equal opportunity is completely fair. Anyone who fails to get the item they wanted will realise that someone else wanted it even more.

Auction or Tender Details
We would suggest that each interested party could meet, with somebody independent to act as chairman or auctioneer. Each item would then be auctioned. Whoever wants the piece most will presumably be prepared to pay the highest price. Because the proceeds of the auction are added back to the estate, the other beneficiaries also benefit. Anyone unable to attend personally could instruct the "auctioneer" of their own maximum bid, in the same way as a normal commercial auction.
A "tender" works in a similar way, although each bidder submits a sealed "bid" or tender for an item. If they are successful, then they pay the tendered price.
It is also possible to have "sealed bid" system in which the bidders submit their maximum bid, but the successful bidder pays only a small increment above the second highest bid, as in a normal auction.

A Set of Rules
Whichever method is selected, it makes sense to let everybody know the rules clearly and simply, and well in advance, so that they can decide their bidding strategy.
If there are any existing valuations on the items, it would be fair to let all the interested parties know their details in advance also.

Feedback
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