Estate planning is one of the most important things you can do for your future and your loved ones. By creating a will or a trust, you can determine how your assets will be distributed in the event of your passing. Often, when we think of our assets, we think about our larger assets, like retirement funds, real estate properties, investments, and so on. But, it is equally important to consider our sentimental items, like antiques, jewelry, or photographs. Read on to learn more about the best ways to distribute your sentimental assets in your estate plan.
How Are my Assets Distributed Upon my Death?
Many people choose to create a will or trust in order to leave their assets behind to loved ones. A will determines how your assets will be divided in the event of your passing. You may also want to create a trust. A trust gives a third-party the right to manage certain assets on behalf of another beneficiary until they are of a certain age to do so themselves.
What is a Personal Property Memorandum?
A will or trust can be a great way to leave behind assets to loved ones, but it can often be challenging when it comes to smaller, more sentimental items. Writing out every asset you have within these documents can become tedious, difficult to keep track of, and hard to modify as you collect more assets throughout your life. It is because of this that there are other options available that provide a more convenient way to leave certain sentimental assets behind. One good option is a personal property memorandum.
A personal property memorandum provides instructions to an executor of an estate regarding the distribution of tangible personal property that is not listed in a will or trust. This document can be changed or added to at any time throughout your life without having to make formal amendments to your will. While it is incredibly helpful to have a personal property memorandum, it is important to note that this should not be used as a replacement for a will or trust.
If you have any questions or concerns about the estate planning process, contact our firm today. We are here to walk you through all of your estate planning needs.
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Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.