[WSBAPT] GIFTS by SEPARATE WRITING

Tue Feb 16 15:44:23 PST 2021

Ken,

We have used something like that in an art context:

Trustors' surviving children shall select such artwork by the following selection process.  Names of the surviving children shall be drawn out of a hat to determine the order of selection.  The first name drawn shall select first and thereafter each child's name drawn shall select in that order until each child has selected one piece of art of relatively equal values.  Thereafter, each child shall sequentially select one piece of art by the order already established and repeat such selection until all pieces of artwork have been selected.  Those pieces of artwork not selected by Trustors' children shall be sold by the Trustee and the proceeds distributed as part of the remainder Trust Estate.

This distribution process shall be final and binding on all parties, even if such distribution does not result in an equal division of the total appraised value of all artwork.  However to the extent that such selection does not result in an equal division of the total appraised value of the artwork, any amount received by a child over and above his respective allocable share of the total appraised value of all artwork shall be a charge against such child's respective eventual distribution of the remainder Trust Estate relative to the other surviving children's shares.

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Ken Luce
Sent: Tuesday, February 16, 2021 3:01 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] GIFTS by SEPARATE WRITING

I have a client that wants to give away his personal property to a list of people (40) by name and not by item. I am trying to figure out a way to allocate the property by having  have some type of lottery or drawing which each named person geta a number and they then choose the item they want in order of the number they drew out of a hat.  Anyone have suggested language?

All help

Ken Luce
Luce & Associates, P.S.
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