A person can create an estate plan at any time throughout their life. As life goes on, they may find themselves in a situation where they wish to update the plan. This may be the result of a life change or acquiring new assets they wish to pass on to beneficiaries when they pass. However, it can be a drawn-out process to update these plans. While this may be true, it is important to do so in order to protect any sentimental assets you may have. When facing these situations, it can be beneficial to retain the services of an experienced New York estate planning attorney for guidance on handling these matters.
What is a Personal Property Memorandum?
Creating a will within an estate plan can be an overwhelming process, as it is difficult for a person to include every single one of their assets. This is especially so when they have some assets that are not worth as much as others. It is because of this that there are options available to those who have many sentimental objects without significant monetary value and wish to pass them on to beneficiaries. This is done through personal property memorandums.
Simply put, a personal property memorandum is a legally binding document that an individual can make to provide specific instructions about how to distribute their sentimental assets. A benefit of creating this instead of adding assets into a will is that the individual is free to add or subtract from the document without going through the formalities that come with doing so to a will. In addition to this, personal property memorandums outline exactly which sentimental assets belong to which beneficiary. This decreases the odds that disputes break out between beneficiaries regarding who is entitled to what assets.
Other Important Aspects of Estate Planning
Estate planning can be complex. There are several intricate parts that can make a plan beneficial to an individual and their loved ones later in life or after their death. This can include the creation of a will, trusts, appointing guardians, a health care proxy, and more. It is because of this that it is important for an individual to retain the services of an experienced estate planning attorney for guidance. Without proper assistance, it can be easy to make a mistake and leave a future or certain assets unplanned for.
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.