Quiz: Family Heirlooms 101

By: Staff
Image: refer to hsw

About This Quiz

Families have many compelling reasons to save and create heirlooms. How knowledgeable are you when it comes to family heirlooms? Do you know what's worth saving and insuring? Take this quiz and find out!

True or False? Family heirlooms always possess some sort of monetary value.

Not all heirlooms hold monetary value. Some heirlooms possess historic, legal or simply sentimental value alone.

True or False? Family heirlooms are always tangible.

Even if a person doesn't have more traditional types of heirlooms like bone china, antique furniture, mink furs and the like, he or she probably still possesses a lot of items that hold some value, whether monetary, historic, legal or sentimental. And in many cases, it's completely possible a person's best potential heirlooms aren't even tangible at all.

If you're bequeathed an old family heirloom but have no interest in keeping, a good place to donate the item would be:

Making a donation to a historical society might not be the first thing that comes to mind when you're bequeathed your great-aunt's butter churn, but doing so will help you preserve a piece of your family's history and educate future generations.

True or False? A historical society can tell you whether your old family heirloom is a valuable artifact or a piece of junk.

If you can't tell whether you've got a historical artifact or an old piece of junk on your hands, give a related historical society a call. Most societies are open during normal business hours and are eager to talk to prospective donors.

Which of the following items can be donated to a historical society?

When it comes to donating family heirlooms to historical societies, you can donate just about anything: old cars, furniture, jewelry, books, clothes and even entire buildings.

True or False? Oftentimes the least valuable heirlooms are the most sought-after items by historical societies.

You can donate almost anything to a historical society. However, it's often the least valuable heirlooms that are the most sought-after.

True or False? You need only have an expensive family heirloom appraised once.

When you're having an heirloom appraised, it can't hurt to ask the expert how often you should have the object re-evaluated. If the market is volatile, you may want to have it appraised as often as every five years to be covered for its full value.

Which of the following factors are often taken into account when having a family heirloom appraised?

An appraisal will take into account several factors, including the condition of the item, the rarity of the item and the demand of the item.

True or False? All family heirlooms are covered (in full value) under your homeowner's insurance.

Not all family heirlooms stored in the home are covered (in full value) by all insurance providers. It is best to check with the company that holds your policy directly to determine if you need to purchase additional coverage for more valuable items.

True or False? It is incredibly difficult to redesign jewelry heirlooms.

If you have a ring, brooch or earrings that showcase quality stones, but sport fussy, outdated settings, it easy to redesign your pieces to create a streamlined, custom look. In fact, some fine jewelers specialize in reworking heirloom stones into new, updated mountings. You keep the sentiment of your vintage piece, but lose the old-fashioned look.

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