What to Do With Personal Items in Your Estate Plan
Lot of times it is not the huge possessions such as your house or savings account that cause battles among member of the family when an estate is divided. Choosing what to do with your individual products such as your favorite piece precious jewelry that has been handed down from six generations is what lots of people think about when they make an estate plan.
The majority of people ought to be fretted about the big properties such as the house or the retirement accounts, there is an excessive amount spent focusing on small assets.
It is the smaller sized sentimental items that cause the most battles. These are the items that mean more to specific family members and the products that they are going to be most likely to combat about. This can be the piece of furniture guaranteed to a child years ago or a gift from a child to a moms and dad that implied a lot to them that they would like back. To make sure that a product goes to a potential beneficiary it is best to consider that person the product as gift throughout lifetime, make sure that item is specifically called in the will, or better yet to have a personal effects memorandum or separate list of who gets what. A personal property memorandum enables you to name a specific item and who gets it. It must be referenced in your will, however after that you can change or upgrade without an attorney or notary. If an item is not gifted, discussed in the will, or in the personal effects memorandum it becomes part of the residuary of the estate and will go to the person named in the residuary despite who it was guaranteed to. This is when a family battle is more than likely to take place as a child will attempt to take an emotional item that belongs in the residuary of the estate and the individual agent of the estate tries to get it back.
Potential battles can be gotten rid of by planning ahead. To prevent this from occurring it is best to talk to an estate planning lawyer so the plan or action that you take in making your estate plan will not have the unintended consequence of ripping the family apart and triggering a lengthy probate proceeding and estate litigation. An estate planning attorney can create a plan that leaves everybody pleased at best and at worst avoid a fight or misconception amongst potential beneficiaries.