When it comes to estate planning, you will have to determine how to divide your assets amongst your loved ones. Some of these assets may include real estate property, cars, artwork, and more. But, there may be more sentimental assets to distribute, including photographs, letters to loved ones, and more. Read on to learn more about distributing sentimental assets in a Pennsylvania estate plan.
What is a Will?
When it comes to an estate planning process, writing a will is one of the most important steps. The purpose of a will is to clearly outline how the estate, as well as any assets, will be distributed amongst the beneficiaries. The will pre-determines this distribution upon their passing. Without writing a will, the estate and assets will be risked of being improperly distributed. It can also lengthen the amount of time taken in court to complete the process which will also include added expenses. A person passing without writing a will also risks their assets being distributed to persons who they would have otherwise not included in receiving said assets.
What is a Personal Property Memorandum?
A personal property memorandum is a document that allows you to provide instructions for how certain assets should be divided in the event of your passing. When it comes to distributing more sentimental assets, it may become too tedious to list them all individually in your will. This is because you will have to list out every asset. Additionally, as you acquire more assets throughout your life, updating your will would involve enlisting the help of an attorney each time. On the other hand, a personal property memorandum can be altered without the help of an estate planning attorney. That being said, certain assets should still be included in your will. Reach out to an experienced attorney to discuss your plan and the best way to divide your assets.
If you have any questions about creating a will and/or personal property memorandum, our firm is here to help. Reach out today to speak with an experienced and knowledgeable estate planning attorney.
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