Protecting Family Heirlooms After You Pass Away
Family heirlooms are far more than just property. They connect generations and tell the stories and memories of the family. Heirlooms are some of the most important assets a person has because it reminds them of who they are and where they came from. Without effective planning, though, these family treasures can be at risk of disputes, mismanagement, or outright loss. Below, our Daytona Beach estate planning lawyer explains how to protect this precious property.
Create an Inventory of the Heirlooms
After you have passed away, your personal representative or successor trustee may not know the difference between your heirlooms and your other personal property. Creating a written inventory of your most precious keepsakes can help them differentiate between the two. Make sure your inventoried list contains the following:
- A full listing of all heirlooms including fine china, antique furniture, military memorabilia, and jewelry
- A picture and full written description of every item
- A letter of instruction outlining the significance of each item and an explanation of why you have left certain keepsakes with specific beneficiaries
Determine How to Distribute the Heirlooms
After creating the inventory, you will need to determine how they are distributed. This can be more difficult than it seems because you need to find a balance between being fair and the feelings of your beneficiaries.
It is important to remember that fairness does not always mean distributing property equally between your beneficiaries. It may mean distributing heirlooms depending on the monetary value of the items and the sentimental value they have to your heirs. Sometimes, a simple conversation can help you determine who to leave the heirlooms to. You may be surprised that some heirs have a greater emotional attachment to certain property, while others are not as attached as you thought to certain pieces.
Create an Estate Plan
If you pass away without an estate plan your heirlooms, along with all of your other property, are subject to Florida’s intestacy laws. These laws stipulate how your property will be divided, and that may not align with your wishes. An estate plan can prevent this from happening.
A last will and testament allows you to outline which beneficiaries you would like to receive certain property after you pass away. However, a will must go through probate, leaving your property at risk of creditor claims and more. Instead, you may choose to transfer your heirlooms to a revocable living trust. Trusts do not have to go through the probate process and so, they can add an additional layer of protection for heirlooms.
Our Estate Planning Lawyer in Daytona Beach Can Protect Your Property
At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can review the facts of your case, determine which tools are best designed to protect your valuable property and execute them properly so you can have the confidence that your legacy is secured. Call us now at 386-252-5170 or contact us online to schedule a consultation with our experienced attorney and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html
