Estate Planning Mistake #10Failing to Plan for Tangible Personal Property
When you consider distributing your wealth after you are gone, your biggest concerns probably have to do with how to divide your savings and investment wealth among your children, along with the family home, vehicles, and other expensive items.
However, you may overlook the fact that certain items may have a very high sentimental value to your children and family members. The expensive items in your life are not the only ones worth considering as you develop your estate plan. What about the pictures on your wall, your stamp collection, and the deck furniture?
You may assume that your children and family members will be able to divide up the tangible items you leave behind in a fair and orderly manner. Unfortunately, this is not always the case. Maybe two of your children feel a very special connection to an antique vase you or, maybe your siblings all want the family quilt that your mother gave to you. Certain items sentimental possessions could cause conflicts if you don’t clearly assign them to a specific person.
In part ten of my series, 12 Common Estate Planning Mistakes and How to Avoid Them, I discuss the problems that can arise when you don’t plan for tangible personal property. I also explain an easy solution to this issue in the form of a personal property memorandum.
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