Family heirlooms cannot be treated the same as other assets inside your estate because they are not easily divisible. Furthermore, family heirlooms may also have emotional attachments that can make things much more likely to turn into a disagreement or frustration from loved ones when you haven’t planned carefully.
The first step to incorporate family heirlooms into your estate plan is to make a list of all the heirlooms that you intend to pass down, including clear descriptions and even photos if possible to reduce confusion. Do not simply list something such as my jewelry, but instead itemize the jewelry or make a video to help with identification purposes. You should also try to document the history of these items if possible to ensure that future generations and any beneficiaries appreciate their significance.
Deciding how to distribute heirlooms is a personal decision, but heirloom preferences, family connections, and fairness versus equality should all be taken into account. Use a personal property memorandum to ensure that you clarify who is eligible to inherit certain pieces of your property. This memorandum can also be referenced in your estate plan will, which makes it legally enforceable. This is an easy way to itemize multiple things inside your estate plan without having to individually itemize each one and prevents you from having to revise your entire will.
Set up a time to speak with our Pasadena estate planning attorneys to learn more about your options for planning for family heirlooms and beyond. We’ve helped many individuals and families set up their estate plans successfully.Â
