It is common for individuals who are drafting an estate plan to focus on larger, financially significant assets. However, many people have items with sentimental value that they wish to be accounted for in their estate plans such as jewelry, collections, knick-knacks, musical instruments, and more. These are typically items that have been in the family for years. It is possible to include such items in your estate plan. Continue reading to discover how assets are distributed after someone’s passing, what a personal property memorandum is, and how it can be useful to you. Reach out to our experienced Maryland estate planning attorney today to discuss our services. We would be happy to walk you through the estate planning process to ensure your sentimental assets will be accounted for.
How are assets distributed after someone passes away?
There are a few options individuals might take before their passing to create a plan to have their assets distributed. Many individuals will write a will and select beneficiaries who will ensure certain assets are protected and distributed as they wish. It is also possible to create a trust where they will give a third-party permission to manage various assets on the beneficiary’s behalf until the beneficiary can handle their assets on their own. This is typically seen went eh beneficiary is a minor.
It is important to retain the services of an experienced estate planning attorney who will walk you through the estate planning process to create a comprehensive estate plan.
What is a personal property memorandum?
Trusts and will are designed to handle the big, important assets upon someone’s passing. However, you cannot address every asset you own in a document such as these. For the sentimental assets that you wish to pass along when you pass, you might consider creating a personal property memorandum. This will allow your executor to have a set of instructions regarding the sentimental items that are not included in your will or trust. These documents are legally enforceable and can be amended at any time without having to alter your will. This makes it simple to add or remove items with ease.
To begin this process today, do not hesitate to reach out to our knowledgeable estate planning firm. Contact our firm to discuss our services and the personal property memorandum process. We will walk you through each step of the process.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JDKatz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JDKatz today.