How To Avoid Family Breakdown Over Heirlooms
This article was first published in Spear's Magazine on 4 August 2016. To view the article please click here.
Wealthy families should not overlook the emotional and legal complexities involved in the disposal of their valuables, write Ann Stanyer and Andrew O'Keeffe.
It is not every day that you see a court grappling with one of the rather unusual sections of the Law of Property Act 1925. Section 188(1) was at the centre of a case to determine the ultimate distribution of the late Sir Michael Butler's extensive collection of valuable Ming and Qing dynasty vases, said to be worth approximately £8 million. The simple point in issue was whether two of Butler's children could say that their entitlement to a quarter share each of the collection trumped the defendants' contention that their half share meant that the court could rule that the collection should be kept intact. Ultimately, the court ruled that the collection should be divided equally between the four siblings: a decision which will have come at some considerable cost to the unsuccessful defendants.
This case is, therefore, a salutary reminder that taking detailed legal advice on the disposal of your chattels is as important as advice on the disposal of your real estate or investments. Chattels have great emotional resonance for family members and need to be given careful consideration by testators. Simply hoping that siblings would put aside previous rivalries and reach an amicable agreement is wishful thinking. It is often the case that conflicts intensify once the parent/testator is no longer alive to keep the peace and to arbitrate between siblings.
What can be done then to avoid costly litigation and a family breakdown? It seems trite to say it but taking time to explain your collections and other chattels with your trusted adviser is time well spent. Don't assume that your adviser has a full understanding of what you want to achieve. You may not know yourself. What is clear is that Butler changed his mind over the years as to what he wanted to do. Having a letter of wishes signifying your objectives is fine if everyone is in agreement and your executors are able to carry out those wishes. But remember a letter of wishes, as the judge explained in the case, 'may have some moral standing but they are of no legal significance'. They can be set aside or partially carried out by the executors. Advisers are...
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