Everyone must create a comprehensive estate plan in their lifetime. Generally, when we think of estate planning, we think of addressing what will happen with certain types of property after we pass on, such as a home. Though wills and trusts generally address critical financial-based assets, the truth is, they cannot simply cover all of the assets an individual can own. For instance, if you are someone who has a massive old book collection, or you have a collection of jewelry that has been passed down through your family and you plan on continuing that, you are most likely wondering about how you can include these items in your estate plan so you may distribute them accordingly upon your passing. Fortunately, in most circumstances, we can address this issue by creating what is known as a personal property memorandum. Please continue reading and reach out to our experienced Edison estate planning attorney to learn more about personal property memorandums and how we can help you create one. Here are some of the questions you may have:
What function to wills and trusts serve?
As mentioned earlier, everyone should create a will and establish a trust, especially if they have minor children, in their lifetime. In your will, you write out your assets and how you would like for them to be distributed upon your passing. When creating a trust, you give a third-party authority to manage your assets after you’ve passed until your minor child is old enough to manage those assets on his or her own.
What does a personal property memorandum do?
While yes, you can address various assets in your will, the truth is, you cannot address every single asset you own, especially sentimental things, because, among other reasons, your will would simply be too long. That being said, you can still draft a personal property memorandum, wherein you can account for every single sentimental item you own and define how you would like it distributed upon your passing. Furthermore, these memorandums are great because you can amend them with ease without having to formally amend your will. Therefore, as you gather more assets after creating the document, you can easily add them later on. For any further questions, give our knowledgeable New Jersey estate planning attorney a call today.
CONTACT OUR EXPERIENCED NEW JERSEY FIRM
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 20 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.