How do you place a fair monetary value on a sentimental item while dividing an estate?
How do you place a fair monetary value on a sentimental item while dividing an estate? Assistant at Ascent Law LLC Assistant at Ascent Law LLC One of the most difficult tasks that family members and executors of an estate must face is coming up with a fair monetary value for a sentimental item while dividing the estate. What may seem completely worthless to one person could mean the world to another. When a loved one dies, there are many factors to consider when dividing up their possessions. The sentimental nature of the deceased's belongings makes it difficult to determine their monetary value, but at some point you have to put a price on them in order to make an equal distribution among the heirs. In order to be fair, you will probably want to take into account how much the item meant to each person. This is where it becomes difficult, especially when there are multiple people involved. If three people all owned a family heirloom and each one wanted it back, would you split it i...