There are many different parts to creating an estate plan. Many people spend this time focused on the major assets they have, such as real estate, investments, retirement plans, etc. However, it is also important that the smaller, more tangible assets with sentimental value are not forgotten. This can include jewelry, pictures, antiques, etc. While these items may not have a high monetary value, their emotional value is just as important and warrants protection.
Oftentimes, sentimental assets that are left unplanned for tend to cause more trouble than anything else. This is because loved ones often have emotional attachments to these items, leading to arguments and sometimes litigation regarding who they should belong to. With a proper plan in place, it is possible to avoid hurt feelings or misunderstandings over these assets. Continue reading below to learn more about how you can prepare these assets for the future.
How do I Distribute Assets Upon my Death?
When a person wants to leave behind cherished assets to their loved ones, they may choose to create a will or trust. A will is a document that is used to detail a person’s wishes for what they want to happen to their assets in the event of their death. On the other hand, a trust is essentially an agreement that allows a third-party to manage assets on behalf of a beneficiary until they are of age to do so themselves.
What is a Personal Property Memorandum?
When leaving assets behind to loved ones, wills and trusts can be helpful. However, it can be time consuming and exhausting to write down every single one. In addition to this, it can become very lengthy as you continue to acquire assets throughout your life. That is why it may be more convenient to leave behind assets through the use of a personal property memorandum. Instead of documenting each small personal asset, this provides instruction on how to distribute tangible personal property that is not included in the will or trust.
When preparing a personal property memorandum, it is good to know that the document can be changed or added to at any time. This can be done without the need for formal amendments to the will. It is also beneficial to leave certain property within your will or trust, such as higher value items, gifts to non-family members, or gifts that are susceptible to challenge.
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The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.
