There are various facets to any comprehensive estate plan, and though oftentimes, we tend to focus on our larger, more financially-significant assets, such as real estate, many people have various items of sentimental value that they wish to be accounted for in their estate plans as well. Whether it be musical instruments, certain collections, or jewelry that has been in the family for years, you can include these items specifically in your estate plan. Please continue reading and reach out to our experienced Maryland estate planning attorney to learn more about how we can help you ensure that your prized possessions can be accounted for and included in your estate plan. Here are some of the questions you may have:
How are assets distributed after someone passes away?
Before passing on, many people write wills and trusts with the assistance of an experienced estate planning attorney. These are fantastic ways to ensure certain assets are protected and distributed as you wish, to the beneficiaries you’ve selected. On the other hand, many people will also establish trusts, which give a third-party permission to manage various assets on a beneficiary’s behalf (typically a minor) until that beneficiary can handle their assets on their own.
How can a personal property memorandum help me?
While trusts and wills are designed to handle assets upon someone’s passing, you simply cannot address every single asset you own in such a document. If you did, the document would be far too long, and furthermore, as you grow older, such a document would only get longer. That is why if you are someone with various items that have sentimental importance to you, you should consider creating what is known as a personal property memorandum. When doing so, your executor will have a set of instructions regarding all of those items that are not included in your will or trust.
That being said, if you wish to create a personal property memorandum, you may be wondering whether it is set in stone. While of course, these documents are legally enforceable, you can also amend them at any time without having to formally amend your will. This means that if you acquire new items or think of new items that you wish to add, you can do so relatively easily. For any additional questions, simply give our knowledgeable Maryland estate planning attorneys a call today. We are here to help.
Contact our experienced Montgomery County, 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.