Not all assets have a large monetary value. Some assets are valuable because of the memories or meanings that they hold. This may include photographs, letters, jewelry items, and so on. While these assets may not be expensive, they are valuable and important and should be handled with care when it comes to the estate planning process. Read on to learn more about the best ways to plan for the distribution of your sentimental assets.
How Will Assets Be Distributed 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?
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 when it comes to monetary value. It is because of this that there are other options available to those who wish to distribute 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.
If you have any questions or concerns about wills, trusts, personal property memorandums, or any other aspects of the estate planning process, our firm is here to help. Reach out to speak with an experienced attorney.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.