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Why Assets with Sentimental Value Require Additional Estate Planning

Posted on August 29th, 2022

At Daly Mills Estate Planning, our Mooresville attorneys know that most people begin outlining their property by focusing on their home, retirement plan, or investments, which are all great places to start.

Our Iredell County estate planning lawyers also know there are many things our North Carolina clients hold dear, and they want to make sure they go to the person of their choice, and are not simply passed around as insignificant tangible property.

This is often true for jewelry, antiques, photographs, and other sentimental pieces. And for some of our clients, it is important they make it into the hands of their intended owner once they are gone.

Assuring personal items with significant sentimental value are distributed accordingly requires an extra estate planning step to avoid disputes — or worse, litigation.

We can help.

Personal Property Memorandums Can Help Outline Each Important Estate Detail

Outlining who will receive specific pieces of tangible property may be accommodated in your will unless there are too many items to designate to specific family members or heirs.

If this is true for you, the North Carolina General Statutes §31-51 allows for a tangible personal property memorandum to be incorporated by reference in a will.

This could make it easier to distribute sentimental property by allowing you to draft your will with the appropriate incorporation language, so it is efficiently outlined to reflect your wishes.

It is also a good idea to have conversations with your family about how your sentimental items should be distributed, so everyone is on the same page about an old watch or coin collection you would like to leave with someone other than a family member.

There are many reasons our clients could use a personal property memorandum, as their emotional value demands careful planning to avoid misunderstandings, hurt feelings, and disputes when the time comes to distribute these important pieces.

Our Lake Norman area estate planning lawyers can help ensure the language is legally binding, so you can rest easy knowing your wishes will be followed.

Contact Our Skilled Estate Planning Attorneys in Mooresville, North Carolina Today

To learn more about how we can help you establish a will or trust that fits your needs, call us at (704) 286-8437 to schedule an initial consultation with our estate planning attorneys in Mooresville, North Carolina today.