When it comes to distributing your estate, you will likely divide your assets amongst your loved ones. Many people focus on big assets, like homes, retirement plans, investments, and so on. But, many people also have smaller, more sentimental assets they wish to pass on. This might include jewelry, pictures, antiques, etc. While these assets may not be as large in monetary value, they are equally valuable in terms of your estate plan. Read on to learn more about one of the best ways to distribute your sentimental assets.
How Are Assets Distributed 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 an incredibly important document. In your will, you can detail how you want your assets to be divided amongst your loved ones in the event of your passing. 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 incredibly helpful. However, it can be time-consuming and exhausting to write down every single asset. In addition, these documents can become very long as you continue to acquire assets throughout your life. That is why it may be more convenient to leave behind some sentimental 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. That being said, you should leave higher value items, gifts to non-family members, or gifts that are susceptible to challenge in your will or trust.
Do I Need an Attorney To Update a Personal Property Memorandum?
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. A personal property memorandum is more flexible than a will.
If you have any questions or concerns regarding your estate plans, reach out to our firm to speak with a knowledgeable attorney. We are here to walk you through all of your estate planning matters.
Contact our Firm
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.