Gaps in an estate plan can lead to conflict among surviving family members. Estate plans tend to focus on big-ticket items like houses, cars, bank accounts, and investments. But deciding who is entitled to personal momentos – especially valuable ones-can be an underestimated source of contention.
Verbally promising personal property to a loved on will probably not pass legal muster or satisfy your loved ones who feel left out. To avoid conflicts over personal belongings, consider incorporating them into an estate plan. This can be accomplished with a document called a personal property memorandum. Personal items can also be given away while a person is alive, leaving no doubt about ownership.
Small estate planning details can make a big difference. The more specific you can be in your estate plan, the better. To ensure that you are not leaving out anything important, contact our office to schedule an appointment.
