Estate Planning

What to Do With Personal Products in Your Estate Plan

Sometimes it is not the huge assets such as the house or bank accounts that cause fights amongst family members when an estate is divided. Choosing what to do with your individual items such as your preferred piece fashion jewelry that has been handed down from six generations is what numerous individuals consider when they make an estate plan.

Although the majority of people must be fretted about the huge possessions such as the home or the retirement accounts, there is an inordinate amount spent concentrating on small assets.
It is the smaller sized sentimental items that trigger the most battles. These are the items that imply more to private family members and the products that they are going to be most likely to fight about. This can be the furniture piece promised to a child years ago or a gift from a child to a moms and dad that meant a lot to them that they would like back. To make sure that an item goes to a possible beneficiary it is best to consider that person the product as gift during lifetime, make certain that item is specifically called in the will, or even better to have a personal effects memorandum or different list of who gets what. A personal property memorandum enables you to call a particular item and who gets it. It must be referenced in your will, however after that you can change or update without an attorney or notary. If a product is not talented, discussed in the will, or in the individual property memorandum it ends up being part of the residuary of the estate and will go to the person called in the residuary no matter 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 a sentimental item that belongs in the residuary of the estate and the personal agent of the estate tries to get it back.

Potential fights can be eliminated by planning ahead. To avoid this from occurring it is best to talk to an estate planning attorney 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 causing a prolonged probate case and estate lawsuits. An estate planning attorney can create a plan that leaves everyone pleased at best and at worst avoid a battle or misconception amongst possible successors.