My mom has written out many pages of who gets what, some is favorite sweater or an old wooden step stool, things of purely sentimental value. Other items are a set of sterling silver flatware, some oil paintings, sapphire earrings, and are possibly very valuable.
Mom has tried to be "equal" but.....if the estate says everything divided in equal protions, does that override the "tangible personal property lists"? I am the Executor, so should I ask Mom to clarify this now? Some of the beneficiaries ate grumbling (of course) that their list of stuff is less valuable than another's.
I count myself as very lucky that I can ask Mom what she wants, still, but she is in turn asking ME what to do.....and since I'll be the final decider, want to have a good plan in place. Some of the beneficiaries don't have enough money to "shop" for sapphire earrings at a sale (grandkids in college).
If several people put their name on the same item, you draw names out of a hat.
If nobody puts their name on something, it is entered into the General Sale to the Public.
The idea is, the beneficiaries get first dibs on the prized items, but they have to "pay" for it out of their inheritance. After the sale is over, divide the proceeds (less the expenses which may be 20% or more) amongst the beneficiaries. Subtract their "payments" for the items they wanted to "buy". And issue checks for the balance.
Maybe someone else can weigh in here, but this is what they did for my grandparents estate, which was huge and over 2 states so it was amazing the sheer amount of stuff there was. And several sets of silver and other valuables.
NOTE: silverPLATE is not the same as Sterling Silver (for anyone who is un-aware!).
And in general, the value of an item is what it was worth on the day the person died, so if it is a Solid Gold item, check the value of gold on the day they died.