During our marriage, my wife and I have moved six times. And with each move, we took the opportunity to get rid of a lot of our “stuff,” the things that we collected here or there, but then ended up pushing to the back of the closet. We did not use or appreciate it any more, so we got rid of it.
But what we have left is our “treasures”; our “stuff” that actually means something to us. The pieces may not have economic value, but they sure have a lot of sentimental value.
Those are the pieces that I want you to think about. Your “stuff” that may have sentimental value to you and your kids! Because it is those pieces that cause the most issues when you are gone.
Let me explain. If there is a “fight” over who gets the $1,000 vase (with no sentimental value), the opponents would spend up to $1,000 to win, but no more because there is no more financial incentive. But if that same fight is over something with sentimental value, there is no telling what amount would be spent to win (plus there is the emotional toll).
So to make things easier, and to minimize what there is to fight about, you need to write down who is to get your “stuff.” You just have to adequately describe the piece (“the gold Citizen’s watch with a diamond on the twelve”) and who gets it (“John C. Smith”).
It is important that your estate planning documents authorize this (the MH plan has language to enable this type of listing). And then get to it!
Contributed by MH Albuquerque, Las Cruces and Santa Fe Estate Planning Attorney, James P. Plitz.
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You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.