When you want to pass down specific personal property to your friends and loved ones, you should make an estate plan. Most people think of the big assets, like homes or major bank accounts, when they think of wills and estate plans, but you can pass down anything that you want to. A Washtenaw County wills attorney from our firm can help you figure out the best way to account for your personal property and ensure that it goes to the right person when you pass away.
Can Personal Property Be Put in a Trust?
If you want to pass on specific personal property, you can just put that in your will. You can pass on valuables, like an art collection, or you can pass on things that have sentimental value, like a foul ball you caught at a baseball game with one of your kids. As long as you account for it and make it clear who the item should be left to, you can make sure that these items get to the right people.
However, a will might not be the best way to do this. In many cases, we recommend putting your personal property in a trust. You do not have to give up control of your assets this way. We can help you set up a revocable trust, one with rules you can change. You can fund it with whatever assets or personal items you would like to.
Why Should I Put My Personal Property in a Trust?
You may be wondering why you should go to the extra effort here. When you leave personal property behind in a will, they must go through probate, a court process, before they can pass to the right beneficiary. When you have assets in a trust, they avoid the probate process.
This can save your family time and money. This can also get your property to your beneficiaries faster. It’s certainly something you should consider.
Should I Hire an Estate Planning Lawyer?
We recommend it. It can seem like a will is easy to set up, but there are legal standards that must be met. If you pass away and it turns out that your will is not legally enforceable, that can cause issues. Your assets and personal property might not be passed on in the way that you intended. Your family could end up fighting over your assets. No one wants this kind of thing to happen, so let a lawyer set up a legally binding plan for you.
Talk to an Attorney Today
When you are ready to make an estate plan of your own, contact Collis, Griffor & Hendra. We can tell you more about your options and the best ways to account for your personal property and pass things on to your beneficiaries. Schedule a consultation with our team today.
