Sentimental assets are items that may not have a large monetary value but still hold large value due to their meanings and the memories behind them. When it comes to dividing your assets amongst your loved ones, you will likely want to distribute your sentimental assets. This may include things like photographs, letters, jewelry, family heirlooms, and more. These assets may need to be distributed differently than other, larger assets. Read on to learn more.
What is a Will?
A will is a document that declares how your estate should be handled and how your assets should be divided in the event of your passing. In your will, you may include things like real estate property, cars, pension plans, and more.
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 you wish to include. 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, you can instead provide detailed instructions 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.
If you have any questions about creating a will and/or personal property memorandum, our firm is here to help. Reach out today to speak with an experienced estate planning attorney.
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.
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.
