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Advanced Method

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Advanced Method

Step 10:  Set up share accounts.

The record-keeper should set up a share account for each recipient and use it to keep track of cash and property allocations.  

First, divide any cash according to the shares established in Step 1, and entered into the accounts as "initial shares."  

For example, the Sniders are distributing $600 in cash equally to their three children.  

Next, if any of the items have been accepted at their appraised values as entitlements (see Step 6), list all of these items in a "payments account."  Add all of the appraised values together and then allocate the total payments to the recipients according to the shares assigned them in Step 1.  

For example, the Snider family has given the piano to Mary for $500 and the small TV to Steve for $25.  Here's their payments account:

In the Cash section of the share accounts, subtract the appraised values of all items that have been received by recipients and add the recipients' shares of the total payments for the appraised items.  Sum the cash entries to find the total cash balance for each account.

In the Property section of each recipient's share account, list any items that the recipient has received, along with their appraised values.  Sum these values for each recipient to find the property balance.

Now add the cash balance to the property balance to get the share balance and check to make sure that the recipients' shares are the same percentage of the whole as the shares they were assigned in Step 1. 

When the share accounts are completed, allow the recipients to see them.

Go to Step 11 

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Copyright 2004  Lori Alden.  All rights reserved.