Planning for Your Personal Effects
Planning for Your Personal Effects
Planning for Your Personal EffectsWhen we think of "assets" to consider during estate planning, we often think of cars and homes and our best diamonds.
But sometimes, the things that have the most value aren't really worth anything at all. In fact, it's a loved ones personal effects that often cause family disputes and how you plan for these effects can make all the difference in the world.
First and foremost, make a list of your various items owned by you. This will make the distribution process easier and help ensure that you don't overlook something by mistake.
Once you've got that list, give some careful consideration to the obvious heirlooms. They may not be antique per se, but leaving something as irreplaceable as your grandmother's quilt should be given some serious thought.
After you've got a rough idea of how you'd like to distribute your personal effects, talk to your loved ones. Ask them if there's a specific item that they'd really like to have. This can be an uncomfortable conversation at first because frankly, no one wants to talk about your death.
But if you explain how important it is to you, your family will typically come around. Invite some discussion because you'd be surprised at who wants what. In addition, it gives you the opportunity to see (in advance) if there's going to be some conflict over a particular belonging.
This is your chance to work things out with your family members waiting until your Will is probated will be too late. Acting now gives you the ability to talk to your loved ones about your decisions and help them accept the idea of sharing your belongings with each other after you're gone.
This also helps avoid the free-for-all that often happens after a family member has died. All the surviving loved ones are looking for something to hold onto and the result is often a heated frenzy as family members scramble to find something of yours they can claim as their own.
It's not a pretty picture, but it's driven by grief and loss. Give them the comfort of knowing you've already set certain items aside and it can alleviate some of the urgency to claim a piece of your past.
Once you've decided how items will be distributed, mark your list accordingly and give it to your estate planning attorney to include in your Will or Trust. Be sure to update your list on a regular basis and should some of your heirs pass away, you'll want to redistribute that property accordingly.
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