1. If you already have an inventory taken through another company’s software or app, like KnowYourStuff, HomeZada or other insurance type inventory programs, most will have an Export Inventory function. Export in excel or csv files and then follow the instructions in Upload Spreadsheet on FairSplit.com, Properties and Assets area.
If the export from an app is only offered as a pdf, use the following instruction to convert it to excel and then follow the steps provided on the Upload Spreadsheet:
How to convert a PDF file to Excel:
Open a file in Acrobat.
Click on the Export PDF tool in the right pane.
Choose spreadsheet as your export format, and then select Microsoft Excel Workbook.
Click Export. …
Name the Excel file and save it in a desired location.
Convert PDF to Excel, PDF to XLSX converter | Adobe Acrobat DC
1. See FairSplit video on adding assets. Usually taking photos room by room uploaded is good. Then if possible, look at those photos on another screen while you add the assets into FairSplit room by room. This goes fastest if you go through each room doing one category (furniture, art, etc.) then do the next. Afterwards, assign photos to assets so Divisees will easily know which you were using. Enter a good Asset Name since that is what users will see on their lists. They see the details only when clicking on the item. Ex.: Mahogany square center table with beveled glass is better than cocktail table.
Tip: If you have other family members willing to help, make give them Lister and Valuator Roles and let them do a few rooms! (You can remove those roles afterwards)
2. If you already have a list in excel or csv files from another inventory application or from ListStuffFast, view the instructions in the Upload Spreadsheets to save duplicated work. Your full list will be populated. You will then want to associate photos or appraisals to those items
The service can be used to create a legally binding distribution or division, but is not a legally binding service on its own. One would use the results as part of a broader legal execution of a division according to your specific state laws, provisions of a legal will, and often with the help of a professional. Each party should agree to abide by the results of the process before beginning, otherwise it can’t as effectively serve as the impartial solution needed for a division.
Yes, absolutely. However professionals who deal with estates and divisions as part of their profession will have the experience to make it go more smoothly, and provide personal insight and suggestions beyond those we are able to create in a software solution.
Definitely! Be creative. Anything that can be quantified and needs to be fairly allocated works. For example, “vacation week dates” at a family beach house can be entered as items. Vacation dates and holidays in a divorced family can be listed, etc. If cash, consider putting it into smaller blocks so they could be chosen as opposed to “things”, so for example, $10,000 can be entered in four $2500 blocks.
Typically the costs are covered from estate funds. If an Executor has chosen FairSplit as an aid to assist their efforts, they would typically be reimbursed. If booked through a service provider, they may separate the fee or have it included in with their overall fees.
The approximate real world value of an item if sold through an estate auction, Craig’s List, Yard Sale, etc. The division process will result in each party receiving their share of the MV, or paying or receiving offsetting cash to balance differences. This value can be an educated guess, a third party estimate or ideally (if items of any significant value) and appraiser.
For some participants, items on the list to be divided hold emotional ties, or value; Dad’s old guitar, Mom’s silver brush, a watercolor from a class taken together. Some items, all may know and agree get pre-assigned to one party or another but others need a way to fairly assign. Our EV Bidding round makes it possible for all to have an equally fair chance at selecting those items through Emotional Bidding of their Emotional Values on items.
For all to feel good about the division, all parties need to agree that the items listed and values are correct. The initial round helps confirm not only the values, but saves time if no Divisee is interested in owning the asset. Agreeing on a value isn’t always possible with an initial listing proposed. An Administrator may choose to adjust a few values based on feedback, get an appraisal, show links to similar items on Craig’s List or eBay in support. One may also remove items where values are in dispute to be separately divided in a later round through a bidding process among the participants to establish a true “market value” for the participants. This allows the other items to be divided in faster ways, thereby not holding up the process.
Administrators will typically set values for the items only. Each party who selects and is awarded an item is usually responsible for their own costs related to packing and shipping or collecting the assets from the estate location. Items not selected, which may then be sold or donated with any net proceeds divided, would also typically have costs for commission or packing and shipping, deducted from total proceeds before dividing the resulting cash among the parties.
Using the ListStuffFast iOS app or doing the photo listing and valuing one’s self saves considerably over our beginning to end services.
Our primary goal with FairSplit is to reduce emotional stress and conflict in divisions and preserve civility and respect between the parties. If you can’t afford the fee, but have a need for the service, we want to hear from you. Email us for a free or reduced code due to true need.
Familiar, or willing to work with an Excel spreadsheet, we have built a nice spreadsheet that can be edited and used between two parties collaborating to divide items such as in divorce, two heirs or even dividing a business. If you can make this work for you without the online process, then we are happy to provide this at no charge. (see sample – eMail us to Send the spreadsheet to you or download here)
Any items not specifically assigned in a will or agreed by all parties not to include. For example, if ALL heirs have informed the executor ahead of time they have no interest in linens, cookware, or maybe big furniture items, one might list the items in bulk, but assign them a “To be sold or donated” status, so it doesn’t complicate the division. Another example: If everyone agrees Dad’s rocker should go to Sue ahead of time, it should still be listed with its MV (Market Value) and assigned to Sue before dividing starts, so it counts toward her share. It is usually a good practice to have ALL items listed so everything is clear to ALL involved parties, even if they are to be donated or sold.
Often in divorces, all items are well known by description, so may not require many photos per room to still be able to adequately list the items to be divided. If a family is very familiar with the items of an estate, detailed photos of art or antiques may not be as necessary, but if anyone would have trouble being certain which items were which, individual photos may be needed. For example, if there are three landscape oil paintings, be sure it is possible to clearly indicate which is being listed from which photo. All items listed can have photos, scans or files of appraisals, receipts and descriptions edited for that item later as needed.
We offer drop down menus of typical rooms and contents to pre-populate many of the items rapidly to be edited later. Then from that list, one can edit and add to the list to match your actual content referring to the photos of each room. Listing items, descriptions and the level of detail needed is a matter of personal preference and situational needs.
Many items are typically grouped and valued together, such as: matching sofa, loveseat and chairs, dining table and chairs with buffet, bedroom set (including dresser, chest, nightstands and headboards), matching necklace and earrings. As the Administrator creating the list, imagine if you desired the item / items and try to group the way most people would prefer to own. When in doubt, list items separately.
Sometimes for security, valuable items are removed from an estate for safekeeping. In other cases heirs or others may hastily remove things they believe they are entitled to. All of these items should be returned, or properly listed and accounted for by the executor. NOTHING should be removed from an estate without all potentially entitled parties having awareness of those items and included as provided for in a will or by law. This can often be the single largest source of conflict, and reasonably so if not dealt with upfront and openly.