As someone looks around his or her home, it’s evident that a lot of “stuff” has accumulated over the years. Many of these things may have significant value to the person and his or her family, and without careful will execution , these items may end up in the wrong hands after the person passes away in New York. Developing a comprehensive will is an important part of passing down valuables to heirs and protecting one’s assets.
Many surviving family members typically fight about specific items rather than squabbling over the family house. For instance, they may argue about who gets mom’s dishes or dad’s pistols. The deceased person, in reality, may have wanted to give specific gifts to certain beneficiaries .
Developing a trust or will is essential during estate planning, but so is creating a separate personal property memorandum. This can spell out which family member gets exactly what item in the event of one’s death. They have the liberty of changing this information over time, as needed, without having to re-draft and re-execute their entire will.
Belongings in one’s home may have monetary value and/or sentimental value and thus are typically cherished among family members in New York. Not pinpointing in writing who will get these items can cause a rift in the family, and this can have negative long-term repercussions. Engaging in will execution and developing a personal property memorandum helps a person to rest assured that all of one’s goods are accessible to the correct heirs when he or she passes.
Source: Missoulian, STEVE DARTY: Estate planning???s 7 deadly sins , Steve Darty, Dec. 5, 2013