Over the course of your life, you will acquire a number of different assets. Different assets require different care. This is the same when it comes to their distribution. For example, you may need to plan differently when it comes to leaving your loved ones real estate property or a handwritten letter. Read on to learn more about dividing sentimental assets in New Jersey.
What is a Will?
A will is a legal document that declares your wishes regarding your estate after your passing. Some of the assets you may include in your will may be real estate, bank accounts, securities, and more. Knowing that your estate will be handled the way you want can give you great peace of mind. Additionally, it will save your loved ones from any undue stress or tension regarding your estate since everything will be taken care of ahead of time.
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, such as letters, photographs, jewelry, etc. 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 distributing sentimental assets in Michigan, reach out to our firm today.
Contact our Firm
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.