You might have a collection within your estate that is extremely important to you but it can become problematic if you don’t have clear ways to pass this on to future generations. Take a good hard look at the materials you have collected over your lifetime and identify personal property that could be a problem.
Many estate planning attorneys understand that personal property is one thing that individuals frequently fail to consider when putting together estate planning documents and the single biggest point of conflict in many estate planning legal disputes doesn’t have to do with vast sums of money or the distribution of retirement funds but instead, somebody’s personal property. Many people make mistakes including:
- Underestimating the sentimental value
- Making verbal requests but failing to articulate this in writing
- Relying on heirs to distribute the personal property rather than articulating this and providing a method for the transfer
- Confusing access and ownership
- Forgetting about unusual property
- Not failing for complicated possessions such as a gun that must comply with state and federal laws
- Leaving your home unsecured and relatively wide access to your personal property to begin with
These can all be major mistakes that could make things more difficult for your loved ones than you intended. Engaging in the appropriate estate planning process often involves careful consideration of who may want your personal property as well as who you would like to give it to. The unique intersection of these concerns could be addressed by consulting with a knowledgeable estate planning lawyer in Pasadena. There are so many different things to figure out in this process that you need to be prepared to talk to a lawyer you trust.
