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Heirloom Trusts
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Heirloom TrustsDo you own your great-grandfather’s pocket watch? Your grandmother’s engagement ring? Valuable collections or other assets that would be difficult to divide equally among your children? To whom do you wish to give the set of pearl earrings your husband gave you for your 25th wedding anniversary? Many of your assets may or may not have much monetary value, but they might have significant sentimental value for your family members. Most estate plans, however, fail to adequately address these types of assets. Here are some options you can consider to deal with these types of assets:
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- Make a list that assigns specific items to specific people.
- Make sure that photographs and other valuable documents are either digitized and accessible to all family members, or that copies are made and distributed equally among any children or other family members who want them.
- If you prefer not to assign items to specific people, you can include provisions on how to divvy up valuable items among your heirs. For example, your heirs could take turns choosing unique items one by one. Any unwanted items can be sold and the money divided equally among the heirs. Alternatively, you could choose a third party to conduct a silent auction where your heirs bid on items with their estate dollars. No actual money changes hands, but the winning bidder’s monetary estate is reduced by the amount of the bid.
Interested in Heirloom Trust Planning?
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E-book: "Estate Planning for the Zombie Apocalypse"Whether you believe the Zombie Apocalypse is coming or not, you still have assets and property to protect, some of which you may not even realize you have. Our upcoming E-Book, "Estate Planning for the Zombie Apocalypse" focuses on planning to protect your stuff in the case of emergencies, to make sure it gets to who it needs to get to with the least amount of problems possible. From guns to digital access for movies social media, and more, proper planning can protect your stuff from horror stories.
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