If you are someone who has already created a will, there is a good chance you know how much of a process it can be to amend it. However, oftentimes, you will think of new assets you own–they do not have to be worth much monetarily–a knick-knack, for example. While you may wish to pass that knick-knack down to a loved one upon your passing, it may seem like a huge hassle to do so by amending your will. Please read on and speak with one of our experienced Maryland estate planning attorneys to learn more about what you can do to avoid amending your will:
What is a personal property memorandum?
Oftentimes, when people write their wills, they find it complicated to include every single possession they own, especially when those possessions are not worth much monetarily. That is why if you are someone who has various sentimental objects and would like to will them to specific people in your family, you are most likely not looking forward to creating various amendments to your will or trust. Fortunately, there is an alternative: personal property memorandums.
Generally, personal property memorandums are legally binding documents wherein an individual can provide specific instructions regarding the distribution of your tangible, various sentimental assets. The main perk of creating a personal property memorandum is that you are free to add or subtract from the document without having to endure the complex formalities you would if you were to amend your will. What’s more, personal property memorandums clearly spell out exactly which sentimental assets go to whom, decreasing the chances of emotional disputes between beneficiaries as to who gets what. If you are interested in drafting a personal property memorandum, please do not hesitate to reach out to our experienced firm to learn more about how we can help you.
What are other important aspects of estate planning?
The estate planning process can be extremely challenging, especially if you attempt to create your estate plan alone. That is why it is always best to retain the services of an experienced estate planning attorney. Some of the various additional aspects of your estate plan can include a will, trust, appointing guardians, and more. If you are someone who is considering drafting an estate plan, you should do so as soon as possible. Too many people make the mistake of putting off writing a will. Our firm has been helping individuals create comprehensive estate plans for years, and we are ready to put our experience to work for you.
Contact our experienced Maryland firm
The attorneys at JD Katz 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 JD Katz today.