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How To Bequeath Personal Effects

How to bequeath your personal effects. When most people start a discussion about estate planning, they think about leaving their home, investments, and other assets that have significant monetary value to their heirs. But often we get the question, “What do we do about our personal effects and all of the stuff that we have acquired in the home? Do we have to list all that stuff out?” For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: https://go.oncehub.com/Paul8 Essentially, individuals and couples handle the leaving of non-titled personal effects three ways: (1) They don’t address it. While a parent may have estate planning legal documents leaving the estate equally to the three children, many parents do not specifically address non-titled personal effects. These parents often hope that the children or heirs will get together and amicably agree on how to divide up these non-titled personal effects, some of which have significant monetary value, while others have sentimental value. (2) They address it informally. Many people create an estate planning legal program to make it easier and more efficient to leave titled assets like real estate and financial accounts to heirs. This is necessary because these assets become frozen upon your death if they are titled in your name when you die. But personal effects, such as furniture, jewelry, and clothing, are not titled. Some people who create an estate plan will have a separate, non-legal, non-binding, letter or other form of communication where they are stating their wishes regarding the distribution of personal effects. They do this informally because they trust that their heirs will honor their informal request, and they don’t want to clutter their estate planning legal documents with how little grandson Johnny should get Grandpa’s Nolan Ryan baseball card. (3) They address it formally. When it needs to stick, you need to put it in the legal documents. If you have heirs who may bicker over the distribution of personal effects, or if want to make darn sure that specific people get certain specific things, then put it in your legal documents. Yes, you'll have to amend your legal documents if, in the future, you change your mind about how you want to distribute your personal effects, but sometimes making the effort to specify the distribution of personal effects in your estate planning legal program is appropriate. This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship. Paul Rabalais Estate Planning Attorney www.RabalaisEstatePlanning.com Phone: (225) 329-2450