Posted on: 4 May 2022
As you plan your estate, your main focus is likely on your higher net worth assets, such as cash and real estate. However, many families have special items or heirlooms that may not have much monetary value but are high in sentiment. In many instances, these types of assets are some of the most fought over assets after a person passes away. As you estate plan, you need to remember those items of sentiment to prevent any issues once you are gone. Here is what you need to know:
How Do You Include Sentimental Assets In Your Estate Plan?
If you have special items you want to go to particular beneficiaries, you have to account for it in your estate plan. You can include an accounting of each item in your will. You can also place the list in a trust to be dispersed upon your death. Another option is to pass out the items before you pass away. This makes everything simple and straightforward, and you will know for sure those items go to the people you intend.
Which Option Is Best When Planning for Sentimental Items?
The method of which you pass on your sentimental items are highly personal and depend solely on your wishes and circumstances. A benefit to passing on these items before you pass away is knowing exactly what happens to those items while you are still alive. You can also learn more about which items people actually prefer. You may think one person wants a particular item, only to later learn a different item has more meaning to them. You will have control of the situation and handle it the best way you see fit. In addition, you also get to see your loved ones own and enjoy those items while you are still alive.
However, you may prefer for all asset distribution to happen after you pass away. You can still talk to your loved ones about which items they would like to have and have the transfer of the items occur after you pass away. This is also necessary if you still use or enjoy the items yourself. When you place sentimental items in a will or trust, make sure you are clear on who will receive each item. Leaving any misconception or vagueness in the language within the documents will cause confusion and possible chaos. The best thing to do is itemize each item with descriptions to ensure proper distribution. A site like https://www.linskylaw.com has more information.Share