How Do I Incorporate Sentimental Assets into an Estate Plan?

A person accumulates many important assets throughout their life. It is because of this that they may wish to update their estate plan as their life goes on. However, this can prove to be a difficult and complicated process for many. While this may be true, it is still important to protect any sentimental assets you may have in order to ensure they are taken care of when your life is over. When dealing with these matters, it is important to retain the services of an experienced California estate planning attorney for guidance. 

What is a Personal Property Memorandum?

It can be overwhelming to create a last will and testament. This is because it is challenging to incorporate every single asset a person has, especially when some are not worth as much as others. It is because of this that there are other options available to those with an estate plan who have sentimental objects without substantial monetary value. These belongings can be passed onto beneficiaries through personal property memorandums. 

A personal property memorandum is a legal document that can be made by an individual to provide an outline regarding the distribution of their sentimental assets. There are certain benefits that come with this document, including the fact that the creator can add or subtract anything from the document. This can be done without having to go through any of the formalities that are required with a will. They can also outline exactly which assets should go to which beneficiary, decreasing the changes that loved ones will argue over the assets. 

Other Important Aspects of Estate Planning

It is no surprise that planning for death can be complicated and uncomfortable. There are many different parts to an estate plan that can benefit an individual and their loved ones later on during their life or after their life is over. This can be done with the creation of a will or trusts, appointing guardians, designating a health care proxy, and more. Without guidance through these processes, it can be easy to make a mistake and leave certain assets unaccounted for. It is because of this that it is important to retain the services of an experienced estate planning attorney for assistance during this time. 

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.