In August we posted a video about Robin William’s death. We talked about how wonderful it was that he had his affairs in order. He had a revocable living trust because he wanted his estate to remain private. It looked as if his estate was going to be distributed as he wanted, but that is not the case now. Because we are in such a litigious society, everyone sues everyone for anything.
Recently in the news we saw the story about Robin William’s wife and children going to court over his personal property. We find often times that it’s not the money that families fight over; it’s the personal property that has sentimental value that’s the problem.
One way that you can prevent your family from going through this same scenario is to be very specific when listing out who gets your personal property. There is a separate document you can put together in addition to your Will, called a memorandum. In this document, you are able to make a list of items and the people you want to inherit them. Remember to be specific. For example, instead of saying you want your jewelry to go to your daughter, list out specific jewelry items that you want her to have. This will make it more difficult for anyone to fight over your personal property items because you were so specific in designating who gets what. This will save your family time, money and stress!
To learn more about writing a memorandum, visit: https://www.ashmorelaw.com/library/the-basics-of-a-memorandum.cfm
Do You Need The Guidance Of An Experienced Estate Planning Attorney?
If you find yourself thinking more and more about how to preserve your assets for your family you should speak with an experienced estate planning attorney as soon as possible. Contact us online or call our Dallas office directly at 214.559.7202.