In your possession may be family heirlooms that may not hold economic value but, nonetheless, hold sentimental value. With this, you may be unsure as to how they fit into your estate plan. All the while, you may want to ensure that they stay in your family’s possession once you have passed on. Follow along to find out how you can protect your family heirlooms and how one of the talented Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC can guide you in doing so.
How do I protect my family heirlooms in my estate plan?
One of the best ways to have your family heirlooms handled properly upon your passing is by establishing a will. This is because a will is a legal document that can assign different beneficiaries to your different assets. Example scenarios of designations that you may want to make are as follows:
- You may want to designate your firstborn child to receive your engagement ring.
- You may want to designate your spouse to receive the fine china you have from your grandparents.
- You may want to designate your close friend to receive the artwork you decorated your home with.
- You may want to designate your favorite charity to receive your jewelry that they can auction off for donations.
That said, there are instances in which family heirlooms hold both economic value and sentimental value. This is when it may be best to incorporate them into a trust. This is because, unlike a will, a trust will avoid the probate process and may even provide tax exemptions. Overall, a trust may provide you with greater control over how your family heirlooms are distributed.
What other considerations should I make?
The purpose of establishing such details regarding your family heirlooms in your estate plan is so that they can be placed in the right hands. That is, one beneficiary may not hold the same sentimental value toward a family heirloom that another beneficiary may have. So passing it off to the right hands ultimately ensures that it stays in the family for generations to come.
That said, it may be in your best interest to have conversations with your loved ones before finalizing your estate plan. This may allow you to have a better understanding of what family heirlooms they are particularly fond of. This also may allow you the opportunity to share how you wish your loved ones to handle the family heirlooms upon your passing.
The first step you must take to establish your estate plan is to make a phone call. Without further ado, pick up the phone and contact one of the talented Butler County estate planning & probate attorneys from Heritage Elder Law & Estate Planning, LLC today.