One component of estate planning is determining how to distribute your assets amongst your loved ones in the event of your passing. Often, people consider their larger assets. For example, retirement plans, investments, and real estate properties. But, it is also important to think about your smaller, more sentimental assets. While these assets may differ in financial value, they are equally important to consider. Some sentimental assets may include jewelry, photographs, antiques, and more. Read on to learn more about the best way to distribute your sentimental assets.
How Are my Assets Distributed Upon my Death?
Many people choose to create a will or trust in order to leave their assets behind to loved ones. A will is one of the most important documents you can create. It will determine how your assets will be divided in the event of your passing. You may also wish to set up a trust for your assets. A trust 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. There are a number of different types of trusts. You should reach out to an experienced attorney to determine which path is right for you.
What is a Personal Property Memorandum?
While a will or trust can be a great way to leave behind assets to loved ones, it can often be challenging when it comes to smaller, more sentimental items. 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. It is because of this that there are other options available that provide a more convenient way to leave assets behind. This can include 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. This document 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 regarding estate planning or creating a personal property memorandum, contact us today. Our firm is here to walk you through every step of the estate planning process.
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.