Do you have a tangible personal property memo as part of your estate plan? I just read a Forbes article that really makes a good case for why one is necessary.
An example they used is as follow, “When a widow with incapacity issues and squabbling adult children died, the executor she named in her will rushed to her home and changed the locks just as one son showed up to take things left in her will to his siblings.”
“in another case, an elderly woman who lived in a run-down house despite having millions of dollars in securities in the bank, had told various nieces, nephews and friends from church that she would give them specific pieces of costume jewelry, the family bible and her collection of homemade jams. What they were fighting over were these sentimental, valueless items because they had an emotional attachment to them.”
How can you prevent these kinds of squabbles at what is already a very emotional time in your family’s life? Put everything in writing. Don’t must make oral promises. Spell out who gets what in a will, trust or personal property memorandum. That way, there won’t be any guessing games or arguments. Your executor will distribute specific items to those who you wanted to have them.
For more information about end of life planning, check out our website at www.diesmart.com.