Estate Planning in Cathedral City: What About Your Personal Property?
May 1, 2013
When people think about estate planning, they usually think about what to do with their large assets like real estate, vehicles, bank accounts, and other significant assets. Many people do not take time to worry about how their smaller personal property will be transferred upon their death. What is interesting, however, is personal property generally includes the items that have sentimental value to you and to your family members.
Just like your large assets, if you don’t create an estate plan for your smaller personal property, it can be transferred to heirs and beneficiaries in ways you would never expect or want. Thus, you should take the time to think about how you want your jewelry, clothes, pictures, artwork, and other such assets to be distributed. These items may have significant monetary value or they may only have sentimental value, but this is the type of items that can cause fighting among your family members if you don’t create a plan for how to distribute them once you are gone.
If you hear your parents, grandparents, or other loved ones start talking about how they want you to inherit the quilt that has been passed down through the family for generations, inform them that it is time to create a plan for how their property is to be transferred upon their death. If they have an estate plan that contains general language dividing the personal property equally, an experienced lawyer can easily amend the estate plan to include a detailed list of how personal assets are to be distributed.