EVALUATE HEIRLOOMS AND OTHER SENTIMENTAL ITEMS
Aug. 7, 2014
Inheritance planning is often reduced to a somewhat overly simplistic analogy. You inventory your assets to determine the size of the "pie" as it were. You then decide who will be receiving slices of the pie. The last step is to arrange for slices of various sizes to be transferred to these heirs after you pass away.
Something along those lines is part of the equation, but there is another factor to consider. Not every personal possession is simply assessed for its pure monetary value. There are certain heirlooms that may have been in the family for generations, and the value of these possessions can transcend dollars and cents.
Each generation will also invariably create its own future heirlooms. There could be some items that you have acquired during your life that are very meaningful to you and members of your family may understand that meaning.
Not every sentimental item will have a particular monetary value. There can be an old baseball glove or a framed photograph that means the world to someone in the family.
The suggestion here is to take stock of these heirlooms and sentimental possessions and carefully select who will receive each one. This type of pointed giving can be extremely meaningful both to you as the giver and to the respective recipients who will be inheriting the items.
Making these decisions is up to you; putting your wishes into writing is the job of your attorney. If you are interested in developing an ironclad estate plan that leads to the fruition of your legacy goals, don't hesitate to pick up the phone to arrange for a consultation with a seasoned and savvy San Bernardino estate planning lawyer.