During the process of creating an estate plan in Anaheim, many people tend to focus on the more obvious assets, such as real estate, bank accounts, and retirement accounts. It is just as important, however, to carefully consider the handling of your tangible personal property. This may include items such as artwork, jewelry, cars, and furniture. If your estate plan involves a living trust, address additional considerations as you create your estate plan.
As you continue with the process of creating your estate plan, consider the following questions pertaining to tangible personal property and living trusts in Anaheim:
- Do you want to retain the right to possess and use the tangible personal property while you are alive and well?
- How do you want your trustees to handle tangible personal property that is acquired after the date of creating the trust?
- Do you want to list specific items of tangible personal property, or do you prefer to list broad categories?
- If you have more than one beneficiary of your tangible personal property, how do you want it handled if the beneficiaries are in a dispute over a specific item of property?
- Do you have any items of tangible personal property that are exceptionally valuable?
At times, the answers to any of these questions may seem obvious. An experienced trust attorney, however, can help you to avoid potential pitfalls that you otherwise may not have been aware of. To learn more about using living trusts as part of an estate plan, contact the Law Office of James F. Roberts & Associates, APC, today.
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