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Rules for recipients:
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The EqualShares method helps distribute property (including cash, financial assets, real estate, cars, heirlooms, and personal effects) fairly among two or more people. Some of the items may be appraised and assigned to certain recipients, or sold to outsiders. Any remaining property (other than cash) will be auctioned using sealed bids. Any cash will be used to help balance shares.
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Whoever's in charge (as determined in Step 1) has the final say about how to apply the EqualShares method and will adjudicate any disputes.
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Items that are auctioned will be awarded to the highest bidder, who will be "charged" either the second highest bid or the reserve price, whichever is higher. (See Step 8 to find out how reserve prices will be determined.)
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You must compensate the other recipients with your own money if you get more than your fair share of the non-cash property.
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You are bound by the amount that you've bid. All items are offered "as is" and you're responsible for inspecting all items for defects before bidding on them. You also bear the risk that an item may decline in value between the time you place your bid and the time you receive it.
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You must not reveal your bids to other recipients until the bidding is over. You also should avoid expressing an interest in any of the items to the other recipients. Saying things like "I hope I get the violin!" may discourage the others from bidding (or, if they're malicious, encourage them to bid more). As a result, you may "pay" too little (or too much) for an item. If you really want the violin, bid a lot for it in secret.
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Your bid should reflect exactly how much an item is worth to you. (Click here to find out why economists say this is your optimal strategy.) If everyone does this, the items will generally go to those who value them the most and the shares will be distributed fairly. (Click here to find out how the EqualShares method achieves an "envy-free" outcome.)
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If an item is classified as an heirloom, then it may not be sold to outsiders. (Step 6 explains how heirlooms will be identified.) If an item is not an heirloom, you are free to sell it to others after the auction.
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If you're "entitled" to an item (perhaps because it's been promised to you), then it will be offered to you at its appraised value. (Step 7 explains how entitlements will be determined.) If you decline the item at that price, then you forfeit your claim of entitlement and the item will be auctioned to all of the recipients.
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If you plan to sell some of the property you've acquired in order to get the money to compensate other recipients, then you must do one of the following before the bidding starts: (1) Get permission from all of the other recipients to compensate them within a specified number of days after the auction, or (2) Get someone to lend you money so that you can compensate the others immediately after the auction ends.
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If an item (like a house) has a lien for debt on it (like a mortgage), then the winning bidder will be responsible for paying that debt.
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If you win an item, you agree to pay all of the costs of transferring title of that item to yourself or to a buyer.
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It's recommended that you read the Frequently Asked Questions page before the auction begins for tips on how to bid.