When creating your estate plan, it may seem there are endless issues to consider. Failing to carefully evaluate your options as you craft your estate plan may lead to disputes and problems when you die. Personal property cannot be overlooked during this process.
5 Reasons Why Personal Property Deserves Special Consideration During Estate Planning
Why should special consideration be given to property as you create your estate plan? The following are five reasons:
- A piece of property may be helpful during a beneficiary’s grieving process. As a result, it may be far more important to that person than you may initially realize.
- Some items of personal property can be used to preserve memories, family history, and family rituals. For your beneficiaries, these items of personal property will likely have a higher value than less personal items.
- What is meaningful to one beneficiary may not be to another. As you create your estate plan, it is important to determine the value and significance of an item of personal property for each beneficiary.
- Some items of personal property cannot be measured by their monetary value. If a goal of your estate plan is the equal distribution of your estate among multiple beneficiaries, this must be taken into consideration.
- Recognize that it may be impossible to divide items of personal property equally among your beneficiaries. Making decisions about who should receive specific property items can help resolve disputes relating to value.
Are you ready to take the next steps to create your estate plan? We encourage you to reach out today for more information at 714-459-5481. Contact us if you would like to discuss your estate planning needs. Feel free to sign up to attend one of our free seminars held regularly in our office.