When we think about estate planning, most of us focus on big assets like homes, bank accounts, and investments. But what about the personal items that hold sentimental value? Whether it’s your grandmother’s wedding ring, a family photo album, or a piece of art that’s been passed down for generations, it’s important to ensure these treasured items go exactly where you want.
Here’s the best way to include personal items in your estate plan:
1. Create a Personal Property Memorandum: This is a simple document that allows you to specify exactly who should receive certain personal items. The beauty of this is that you can update it anytime, without having to make formal changes to your will or trust. Just make sure it’s referenced in your estate plan.
2. Be Specific: When listing personal items, be clear and specific about the items and who should receive them. Avoid vague descriptions like “jewelry” or “furniture” to prevent confusion or disagreements later on.
3. Use Your Will or Trust for High-Value Items: If the personal item holds significant monetary value (like expensive jewelry, rare collections, or valuable art), it’s best to include it directly in your will or trust to ensure it’s distributed correctly.
Leaving personal items behind is just as important as distributing financial assets—it’s about preserving memories and passing down stories.
We Can Help!
Start by booking a Legacy Blueprint Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take the next steps. You can book your Planning Session HERE. Mention this blog and we’ll waive the $750 session fee!
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