Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, people often value their personal property (their stuff). When looking to start or continue your estate planning journey, ask yourself the following questions about your personal property.
Does Estate Planning Stuff Offer Monetary or Sentimental Value?
Value is in the eye of the beholder. Some items may have significant monetary value, like an antique clock, while others may have sentimental value, like your grandmother’s class ring. Each type of value necessitates its own strategy when planning for its receipt.
The Value of Estate Planning Stuff
It is important that you find out the actual value of items that you think may be worth a lot of money. If an item is very valuable, it may need to be insured. A renter’s or homeowner’s insurance policy may limit what it covers and how much it will pay if your personal property is damaged or stolen. Also, if the item requires maintenance or upkeep, you must make sure that the person who receives it understands what is required so that the value does not decrease.
Estate Planning Stuff & Sentimental Value
Sometimes personal property that has sentimental value can cause the most family conflict. Because your loved ones will already be dealing with your loss, dividing up your mementos without proper guidance can also be emotionally taxing. This may be an even more compelling reason to document your wishes, so that everyone is on the same page. You should think carefully about who will receive sentimental items and ways to mitigate future conflicts if more than one person wants the item.
Will Someone Want Your Estate Planning Stuff?
When crafting your estate plan, it is important to understand what you have and who you want to leave it to. But you may also want to speak with your beneficiaries before creating your plan to find out if the person you plan to give an item to wants the item, particularly if the item has storage or maintenance requirements that the person will be responsible for.
If More Than One Person Wants an Item
You may have an item that multiple people want. Being aware of this during your estate planning journey is important so you can address what you want to happen to the item to hopefully prevent conflict after you pass away. You should also think about how you want to balance inheritances if only one person will receive a valuable item or how you want to divide a large group of similar items. Talk to your loved ones. Make sure everyone is on the same page to avoid fights.
If No One Wants your Stuff
While an item may be incredibly important to you, it may not hold the same level of importance to your loved ones. As you take steps to put a plan together, determine what will happen if no one wants an item. Choose estate planning stuff to be sold, donated, or offered to an acquaintance with a similar fondness for the item.
Include Your Personal Property in Your Estate Plan
There are a few different ways you can share your wishes for your personal property using an estate plan.
Specific Gift in a Last Will and Testament or Revocable Living Trust
A specific gift in a last will and testament (will) or revocable living trust (trust) allows you to specifically name who will receive a particular item. In either a will or a trust, you can specifically state, “I leave my blue antique vase with pink roses to my daughter, Susan Jones.” When you die, the executor or successor trustee will then give the vase to Susan. However, realize that changing the will or trust requires new document execution.
About Skvarna Law Firm in Glendora and Upland, California
Let a skilled attorney assist with your estate plan. So, contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. Therefore, we provide legal services for individuals living in San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
