Summary: The sum of your
estate is much more than just your real estate, financial accounts and other
large assets. It also includes many items without ownership titles or deeds
that may hold great financial worth or sentimental value. Regardless of an item’s
dollar value, if it is important to you, you will want to make sure that it is
addressed in your estate plan. With a proper set of estate planning documents
with complete instructions in them, both you and the person you’ve selected to
manage your estate after your death can have the peace of mind of knowing that
the things that mattered to you will go to the people you wanted to receive
them.
This time of year is
often called the “season of giving.” People seek to bring joy to loved ones by
giving presents they love. One variety of such gift might be a new addition to
a favorite collection of items, or perhaps a beautiful antique. As you consider
your holiday gift-giving ideas this season, it is worth your while to remember
that few gifts are more powerful than a gift left to a loved one in your
estate. With that in mind, it is worthwhile to take time to make sure that your
valuables are properly planned for in the event of your death.
Items of personal
property can be easy to overlook sometimes while addressing estate planning, as
one focuses on dealing with large items such as homes, vehicles and financial
accounts. However, these smaller items often hold great value (whether
monetary, sentimental or both,) so it is important to plan for them, especially
to ensure that they pass to the person who will cherish them as much as you
have.
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If your estate plan
includes a revocable living trust, planning for these assets works a little
different than your large assets. Whereas you house, car or bank account can be
funded into your trust by transferring their deeds/titles of ownership over to
the name of your trust, funding items that do not have title documents (which
can include the family silverware/china to jewelry to antiques) is accomplished
using something called “Schedule A.” Schedule A is part of your trust where you
list specific items that you are transferring into your trust.
Of course, the use of
your Schedule A is not limited to antiques, collectibles or keepsakes. You can
also use it to transfer many household items, such as furnishings or
electronics (for example, a computer or furniture.) It is important to make
sure that you update your Schedule A regularly to make sure that its list of
contents is up-to-date and reflects everything without titles that you want to
distribute through your trust.
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| Legacy Assurance Plan For Revocable Living Trust |
Once you’ve fully filled
out your Schedule A, the next step for planning for these assets works much the
same as if you have a plan that uses a will as the main document for distributing
your assets. You simply include a specific paragraph (or paragraphs) stating
whom you want to receive each of these assets. As with Schedule A, it is
important to make sure to review this part of your plan routinely to make
certain that want is in your plan documents reflects what your current goals
are.
This article is published by the Legacy Assurance Plan
and is intended for general informational purposes only. Some information may
not apply to your situation. It does not, nor is it intended, to constitute
legal advice. You should consult with an attorney regarding any specific
questions about probate, living probate or other estate planning matters.
Legacy Assurance Plan is an estate planning services-company and is not a
lawyer or law firm and is not engaged in the practice of law. For more
information about this and other estate planning matters visit our website
at www.legacyassuranceplan.com.
This article written and
published by:
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
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