When creating an estate plan, there are a variety of things to remember. Generally, people tend to be focused on the major assets they have. This can include real estate, investments, retirement plans, etc. However, it is important that you do not forget the smaller, tangible assets that have sentimental value. This can include jewelry, pictures, antiques, etc. There should be a proper plan in place for these assets. While these items may not have a high dollar value, their emotional value holds just as much importance.
Having a plan in place for sentimental assets is crucial, as they most often cause more trouble. When more than one loved one has an attachment to one of these assets, it can lead to emotionally charged arguments and sometimes even litigation if there is not a plan in place to designate who it belongs to. By having a set plan, you can avoid this as well as hurt feelings or misunderstandings. Continue reading below to learn more about how you can prepare these assets for the future.
How do I Distribute Assets Upon my Death?
In order to leave behind cherished assets to loved ones, you may choose to create a will or a trust. A will is a document that is used to outline your wishes for how your assets should be taken care of and distributed at the end of your life. Another option you may consider is setting up a trust. This allows a third-party to manage certain assets on behalf of a beneficiary until that individual is able to do so themselves.
What is a Personal Property Memorandum?
Wills and trusts are often used to leave behind assets to loved ones. However, writing out every asset that you have can often be exhausting and make the document very long. In addition to this, as time goes on, you may acquire more assets that can make a will or trust even longer. It is because of this that a more convenient way to leave behind assets may be a personal property memorandum. This provides instructions on the distribution of tangible personal property that is not listed in a will or trust.
When preparing this document, it is important to know that it can be changed or added to at any time without a need for formal amendments to the will. If you wish to have a personal property memorandum, it is beneficial to leave certain property within your will or trust. This can include higher value items, gifts to non-family members, or gifts that are susceptible to challenge.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
