Family Diamond Dilemna

[vabaz]

Date: 12/10/2009 2:33:32 PM
Author: jewelerman
This is what i would do if i were hired by a client to split up an inherited jewelry collection...I would suggest that the three sons get something for themselves or for their brides...i however would make the stone selection a luck of the draw situation...so no son feels they had a lesser pick because of age,birth order or marriage order...put the diamonds in three matching unmarked envelopes and have each son draw an envelope out of a hat(you may need to draw numbers as to who will go first ,second and third)...so size,shape and dollar value and quality are not factors...and its completly fair...also remind them that these were family heirlooms and that they stay in the family...you can set the guildlines of the gift...can the diamonds be sold by the new owner?Who has right to the stone in the event of divorce or death?Will the stones be insured against loss or theft and by the giver or the reciever?These guildlines should be written in a card and made clear when the gift is recieved.If done right the gift will always be an appreciated family heirloom.

Well-hmmm? Although these are family heirlooms, once I give them to my sons/brides, they are theirs-they are a gift-they then have the choice to do with them as they so choose - I don''t think I want to put "guidelines" on the gifts. I do however see your point in luck of the draw dividing. But I already told son who is proposing marriage over the holiday, he could have a certain stone-oh my

Should I do the luck of the draw thing between other 2 sons? Neither of them know anything about my having these diamonds. I just took it upon myself to give my son who came to tell me about possible marriage proposal first choice-yikes-I already am not being fair...

 

[HollyS]

YOU inherited the jewelry. Not the other family members. You have no explaining to do as far as that goes.

If one son already bought a beautiful diamond for his wife - - prior to your inheritance - - I don''t think either he or his wife will be upset about the largest diamond going to the son preparing to propose. I''m sure, that your future DIL would refrain, if asked, from sharing the diamond''s provenance with the remainder of your family.