When you think of estate planning, you may think of who you want to inherit your home, your financial holdings, and other higher financial value items. This is, after all, an important part of estate planning and absolutely something that merits significant reflection. Amidst all of your estate planning decision making efforts, remember to take stock of your sentimental assets as well. Not all assets of significance have great financial value, after all. Some of your most treasured items may not be worth something to someone who does not know you, but may be something close to your heart, nonetheless. For these sentimental assets, you need a plan in place for how to address them in your estate plan. This can help ensure that someone who will treasure them as you have will get them after you pass away.
Planning for Assets with Sentimental Value
To plan for your assets with sentimental value, you should be sure to include them in a list of the personal property that you want to bequeath to specific people in your estate plan. This list and the beneficiaries of the assets you designate on the list can serve as I kind of addendum to your will. In South Carolina, this is referred to as a Personal Property Memorandum. It is used to dispose of a person’s tangible personal property and can be affixed to a will after the will’s execution. Note, however, that North Carolina requires a personal property memorandum to be in existence at the time of a will’s execution.
The personal property memorandum allows you to really reflect on your tangible personal property and those assets that hold great sentimental value. You can make a thoughtful decision as to who you would want to inherit such items upon your passing. Who would take care of them? Who would honor them? Who would appreciate them? These are all questions you may be asking yourself. The personal property memorandum also affords you a great opportunity to explain your wishes. This can be comforting to those that inherit such items as well as those who may be hurt by your decision to leave an item to someone else.
Listing your personal property and considering your sentimental assets can also be a good time to consider giving certain sentimental assets while you are still alive. After all, doing so will allow you to talk to the person, see their appreciation, and discuss proper care and storage of the item. It can be a wonderful opportunity to share a special moment with a loved one as you explain the significance of the item as well as why you have chosen to give the item to them.
Estate Planning Attorney
The knowledgeable estate planning team at Monk Law wants you to have a strong estate plan in place that means your wishes are honored far into the future. We are here to help you and your loved ones. Contact Monk Law today.