Hyden, Miron & Foster, PLLC Law Blog

Monday, January 17, 2022

Estate Planning for Your Invaluable Assets

Have you considered what will happen to your most treasured possessions after you die? We are not just referring to those assets that are great in monetary value such as real estate and investment accounts. What about those assets that are truly invaluable? We all have those items that may not be worth much in terms of money, but hold a priceless amount of sentimental value. Have you considered these invaluable assets in your estate plan?

Estate Planning for Your Invaluable Assets

Whether you have an estate plan in place or not, you may have overlooked the distribution of your invaluable, sentimental assets. These are things that may include family pictures and videos or family heirlooms passed down from one generation to the next. In any event, it is dangerous to assume that such treasures will find their way to the right person after you pass away. Consider those items which hold great sentimental value and consider who you want to be the caretaker of such treasures after you pass. Explicitly providing for such assets in your estate plan can not only provide you with peace of mind knowing they will go to the person you wish to hold them, but it can also be helpful in preventing any disputes from arising over those assets after you pass away.

Emotions can run high after the passing of a loved one. Squabbles among loved ones are not uncommon in the wake of a beloved family or friend dying. Those sentimental items you have left behind may be a vehicle, albeit an unproductive one, for mourning family members to take out all of their emotions by fighting over them. Providing for your invaluables in your estate planning documents, such as a will or trust document, can help prevent your loved ones from fighting over them and see that your wishes are honored. Preventing such fights can also help save your loved ones’ time and money in the form of legal fees and court costs.

One of the best ways to account for your sentimental personal property in your estate plan is through the use of a personal property memorandum. This is a document in which you can list out as much of your personal property as you wish and name a person you wish to inherit said property after you pass. Furthermore, you can provide a brief explanation, should you wish to, as to why you want certain property to go to a particular person. It is best practice to reference the personal property memorandum in your will or trust document to help ensure that it is recognized as legally valid. One of the great things about the personal property memorandum is, however, that amending or adding to the memorandum does not merit the observance of certain formalities required of amending a will or trust document.

Estate Planning Attorneys

The estate planning attorneys at Hyden, Miron & Foster create estate plans tailored to the unique needs and wishes of each client. Contact us today.

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