You don’t have to be a millionaire to benefit from having an estate plan. Despite what most people think, such a plan is actually helpful no matter how much money you do or do not have in the bank. There is so much more to life than just want we earn financially, as there may be treasures we hold dear that we want to make sure are passed down to those we want to receive them. As a lawyer can empathize with, such as a Bozeman estate planning attorney from Silverman Law Office, PLLC, one of the toughest parts of creating an estate plan is considerations for items that don’t necessarily have high value, but are sentimental to the heart.
How can I avoid disputes for my valued items?
To help prevent arguments among your family members, there are a few estate planning tips to consider. Firstly, make your wishes known to your beneficiaries. When writing your list of sentimental items, jot down the name of the person that you want to have them. Update this list as you need, since relationships and assets can change over time. If you sell assets, belongings, or obtain new ones, then you’ll have to make sure your list is current to the day. Discuss your decisions with beneficiaries, so they can anticipate what to expect and allow them to share disagreements or other feelings. You may prefer to give away sentimental items before you have passed on. Since most sentimental items don’t have much monetary value, you don’t have to worry as much about gift taxes.
Do I need to include sentimental items in my estate plan?
It is advised that you add sentimental items to your estate plan. While these belongings may seem small or you just assume heirs will decide who gets them, this can lead to disputes among families. There may be two of your loved ones who disagree about who should have what, and this can cause more tension during a period of grief. When disputes do happen, especially in regards to the items someone left behind after death, it can be tricky to resolve. You may think that these non-valuable cherished items won’t be fought over, but this may prove to be the contrary. When grieving the loss of someone you love, you want a piece of them to hold dear, so it’s not uncommon for arguments to arise between beneficiaries over sentimental items.
Estate planning for sentimental items is just as important as other assets. As a team member from Silverman Law Office, PLLC may suggest, do not disclude these from an estate plan, as it can cause disagreements between beneficiaries to happen later on. There is more to life than just the money we accumulate. People who care about us want items that they can display and appreciate, while they think fondly of the legacy we have left behind. Cherished items that may not be worth much in monetary value, but can still be appreciated deeply by the heart.