Deceased estate division is one of the most difficult aspects that any family has to deal with in the wake of their loved one’s death. Some families handle it simply and efficiently with little conflict. But many others (almost 80%) can’t even get started without arguments and conflicts erupting. David MacMahan has devised a software tool to help with this difficult and emotionally-laden process. It’s called Fair Split. The app enables anyone to catalog and itemize the physical assets of an estate to ensure that everything is accounted for. The app also utilizes some pretty creative methods of distribution among remaining family members to alleviate emotional conflicts. You can learn more about the platform and how it works in this conversation.
Dividing things, not families.
When David MacMahan was looking for a business opportunity to invest his time and energy in, he knew that the things that help people the most are those that meet a genuine need. As he observed the potential for conflict surrounding deceased estate division he realized that advances in technology might make it possible to divide an estate with more clarity and better objectivity – which in turn could save families a lot of grief and unneeded conflict. That’s when the idea for the Fair Split service came to mind and he’s worked hard to ensure that the app and website are functional, practical, truly beneficial tools families can use to fairly divide assets and keep the family harmonious at the same time. Learn more from this conversation.
How the primary caregiver can make the deceased estate division easier.
If the caregiver or someone they empower for the role is able, one of the best things that person can do to serve the rest of the family and avoid conflict later on, is to begin cataloging the physical assets of the estate before the loved on passes away. When everyone knows the items that exist and that they are accounted for, many accusations and assumptions can be avoided. It’s also a good way for the family to be involved in the process much earlier so that everyone feels more included and considered. You can hear how David MacMahan came up with the idea for his estate division software, Fair Split and learn how it could help you when that difficult responsibility comes.
How Fair Split’s “emotional bank” round divides assets among family members.
One of the unique and creative ways that the Fair Split software enables families to distribute assets among those surviving is to give each family member an equal allotment of “emotional bank” credits. These credits are representative of the emotional value the person places on certain items and they are allowed to use those credits by assigning an emotional point value to items in the estate. The higher the emotional point value they assign to an item, they more meaningful it is to them in comparison to all the other items in the estate. This enables everyone in the family to understand the way everyone else is feeling about the process and creates a tangible way to deal with items that have emotional value to individuals.
How to safeguard the decisions a dying loved one makes about their assets.
When a loved one is dying there are many situations where they generously give a personal belonging to a family member who comes to visit. When this happens there are many reasons why that gift should be documented. #1 – Other family members need to know it was the wishes of the dying loved one to give away the item. #2 – Everyone needs to be aware that the item is no longer a part of the estate, so it won’t be available to anyone else. #3 – The decision can be verified as a legitimate decision the loved one made during a lucid, cogent time during their illness or decline. You can learn how David MacMahan advises families to document these types of interactions for the benefit of the entire family, in this conversation.
What You’ll Discover in This Interview:
- Who is David MacMahan and what is his new idea to solve an old problem?
- How Fair Split works in a highly contentious family.
- Why being proactive is better than waiting.
- Are there any commonalities seen in families that have problems in this area?
- How the caregiver can help the entire family by documenting choices the dying loved one makes.
- What makes it hard for some people to talk about distribution of assets?
- The difficult job executors have to do.
- Creative ideas to help families divide up an estate.
- What is the best next step listeners can take to divide an estate?
This Deceased Estate Division package includes a 45-minute MP3 interview, transcript and Action Sheet. $28