Estate planning can be a stressful process, but certain tips and tricks can help make things easier. For example, there are certain ways to distribute different assets. While some assets should be listed in a will or trust, other assets may be better listed in a personal property memorandum. Read on to learn more about the best way to distribute your sentimental assets.
How Will Assets Be Distributed Upon my Death?
In order to leave behind assets to loved ones, you may choose to create a will. A will is a document that is used to outline your wishes for how your assets should be taken care of and distributed at the end of your life. Another option you may consider is setting up a trust. This allows a third party to manage certain assets on behalf of a beneficiary until that individual is able to do so themselves.
What is a Personal Property Memorandum?
It can be difficult to list all of your assets in a will. This is because it is challenging to incorporate every single asset a person has, especially when some are not worth as much as others when it comes to monetary value. It is because of this that there are other options available to those who wish to distribute sentimental objects without substantial monetary value. This may include items like photographs, letters, and more. These belongings can be passed onto beneficiaries through personal property memorandums. A personal property memorandum is a legal document that can be made by an individual to provide an outline regarding the distribution of their sentimental assets. There are certain benefits that come with this document, including the fact that the creator can add or subtract anything from the document. This can be done without having to go through any of the formalities that are required with a will.
If you have any questions about creating a will or a personal property memorandum, our firm is here to help. Contact us today to speak with an experienced and dedicated estate planning attorney.
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Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.