Don’t underestimate the sentimental value when planning your property

When you develop your estate plan, it is understood that you focus on who will inherit your largest assets, such as your bank accounts, retirement and investment accounts.

You decide whether you want to leave your home to loved ones or sell it and return the profits to your property for distribution to the beneficiaries. You decide who will take care of your pets and make sure that there is money dedicated to their care. You will likely include provisions for who will inherit your jewelry, arts, antiques, and other items of value.

However, if you’re like a lot of people, you haven’t given much thought to what will happen to the family legacy, including the souvenirs you’ve collected over the years and photos you’ve taken all along or of your parents and grandparents. You might think that no one wants them. But did you ask anyone?

A wealth management professional reminds people that items with little monetary value but Great sentimental value Many times it ends up being a source of family conflict after the death of a loved one. Estate planning experts advise people to talk to family members to see if they have any interest in getting various souvenirs, clothes, photos, and other mementos after they’re gone. Some people will probably care more than others.

If you have more than one child or other family members who desperately desire the same item, you’ll need to choose. Fortunately, if it comes to pictures, they can be numbered for everyone to share. It is always best to explain your decisions while you are still there. Do not forget to list these items and who puts them in your will so that there is no doubt about it.

Think about donating things that no one wants

If no one wants certain things, you might want to consider them Donate it to a museum or historical association. Harvard probably won’t want it, but there’s no shortage of small local and specialty museums all over Massachusetts and New England. The same is true for almost every country. The reason we know so much about our history is in large part because over generations, people have preserved and distributed photographs, correspondence, and other things from their lives.

Communication with loved ones, careful planning, clear and detailed judgments are all essential parts of Comprehensive estate planning. So legal counseling is experienced.

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