ESTATE PLANNING AND PERSONAL PROPERTY ITEMS
April 11, 2019
California residents who are developing their estate plans should make sure to address what should happen with their personal items, some of which may be valuable. When doing so, there are some issues they may want to keep in mind.
Personal property items can easily become forgotten or lost. They may be set aside in storage, placed in the attic of a home that is sold to someone outside of the family, stolen by family members or misplaced in some other way. One way individuals can keep track of these assets that they want to give to their loved ones or friends is to use software that can keep track of them. It is also a good idea to attach documents like appraisals, receipts and other types of bona fides of providence so that they are easily available.
All interested parties, including attorneys, advisers, and heirs, should be given updated inventory lists, any tracking mechanisms as well as instructions regarding to whom each item is support to go. This can help reduce the chances that an item will get lost or that some individuals will not receive the items that are intended for them.
Security and insurance for valuable personal items are another concern to keep in mind. Alarm systems, safes, and safety deposit boxes are all forms of security that can be used as needed. Individuals may also want to make sure that the items are covered by insurance in case of theft, fire, or other disaster.
An attorney who has experience with these matters may assist clients with devising an estate plan that ensures that their valuable personal property will be handled according to their wishes. The attorney could also oversee the distribution of assets as part of the estate administration process.