When creating an estate plan, you will have to determine what assets you want to leave to your loved ones. But, different assets should be distributed differently. For example, your sentimental assets, like photographs, letters, jewelry, etc., may need to be distributed differently than more monetarily valuable items. Read on to learn more.
How are Assets Distributed Upon Death?
Many people choose to create a will or trust in order to leave their assets behind to loved ones when their life is over. A will is a document that outlines how you want your assets to be taken care of and distributed in the event of your death. You may also wish to set up a trust for your assets. This gives a third party the right to manage certain assets on behalf of another beneficiary until they are of a certain age to do so themselves.
What 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.
Personal Property Memorandum vs Will
While a will or trust can be a great way to leave behind assets to loved ones, it can often be challenging. This is because writing out every asset you have within these documents can become long, exhausting, and difficult to modify in the event that you acquire further assets in your life. A personal property memorandum can be changed or added to at any time throughout your life without having to make formal amendments to your will. While this can be helpful, it is also important to leave certain properties, such as higher value items, gifts to non-family members, or gifts that are susceptible to challenge, within a will or trust.
If you have any questions or concerns about distributing your sentimental assets in your New York estate plan, reach out to our firm today. We are here to help.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.