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Friday, October 2, 2020

Planning For Personal Property In Your Estate Plan

You would be surprised what children fight over when mom, dad or both pass away. Your estate plan may have your overall shares or percentages laid out with clarity, but what kids can disagree on could be the heirlooms or personal sentimental items which may not have any real value. As hard as it is to believe, your children might fight over your Hummel collection, a favorite piece of jewelry or a sentimental painting. These disagreements could ultimately lead to lawsuits. In Virginia, you can add personal items to your will or trust and specify to whom you want to leave it; even a handwritten list, signed and dated by you can be legally effective. Alongside your revocable living trust, unlike relying on a will alone, your personal property titled in your living trust document will avoid the very public court administered probate process and pass privately to your heirs free from nosey neighbors and creditors.

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| Phone: 757.301.9500
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477 Viking Drive, Suite 410 , Virginia Beach, VA 23452 | Phone: 757.301.9500
5425 Discovery Park Blvd., Suite 101, Williamsburg, VA 23188 | Phone: 757.301.9500
750 Tysons Blvd., Suite 1500, McLean, VA 22102 (By Appointment Only) | Phone: 757.301.9500