What is your passion?
Do you love reading and collecting books? Are you a rabid coin or stamp collector? Do you find peace and tranquility out tending your garden?
Whatever it is that you love to do in your “off time”, you can bet the people closest to you know it. These are the people who give you that antique seed cabinet that you would never buy for yourself; it’s the person who finds the Ted Williams baseball card for a steal at an estate sale and presents it to you for your birthday; or the friend who happily goes with you to the antique car show because he knows hobbies are better when you have someone to share them with. These are the friendships that last a lifetime, the people who sometimes seem to know you better than you know yourself; and yet oddly, these friendships are often forgotten when people create their wills and divvy up their estates.
Many people go to their estate planner with their descendents and their financial assets foremost in their minds, and that is as it should be; but your estate plan can be more than a just a way to distribute property to the next generation, it can also be an opportunity to say thank you to the people who have touched your life by sharing with them the accoutrements and paraphernalia of your hobbies and passions.
You can express how much you appreciate your best chess opponent by leaving her your favorite chess board; or you can encourage the interest of your young philatelist nephew by bequeathing to him your extensive stamp collection; all you need is an estate plan which includes some kind of personal property memorandum. A personal property memorandum is not a difficult legal document to create—in fact, it will often be a very informal document—but it does require some forethought to ensure that your formal will or trust recognizes and refers to the memorandum.
Our office can help you create an estate plan that not only ensures the protection of your heirs and property, it also helps you leave a meaningful ‘thank you’ to the people who matter most.