Personal Property Disposition List
A useful component to your Will, the Personal Property Disposition List spells out specific gifts to friends and family. It’s a document separate from your Will but referenced in it, that designates gifts of property to intended beneficiaries. Do you and your daughter have a mutual love of running? Does your nephew love antiques? A gift of your race medals or grandfather clock through your Personal Property Disposition List will ensure your personal items go to someone who will cherish them.
One of the main benefits of a Personal Property Distribution List is that it is incorporated automatically into your will. So if you have a lot of personal items to give and anticipate it taking awhile to decide, you can execute your will while you make these decisions. Updates to your Personal Property Disposition List don’t require a re-execution of your will. Similarly, you can easily make revisions. If you change your mind and decide you want someone else to have an item, this edit can be made simply and quickly on your Personal Property Disposition List.
For more information on incorporating a Personal Property Disposition List into your own estate plan or for suggestions on making it more effective, contact Asurest to set up an appointment.
Read the most recent posts on Personal Property Disposition Lists and estate planning from the Asurest blog.
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To answer these, let’s first take a look at some of the terms and what these documents say. “Resuscitation” is an attempt to restart your heart and breathing if either stops. One example you’ve probably heard of is CPR, or cardio-pulmonary resuscitation. A “Do Not Resuscitate” order, therefore, is an instruction to medical personnel not to engage in these efforts on your behalf. If you are found unresponsive, the DNR is an order NOT to revive you.
When planning an estate, this is an important consideration. Are your children mature enough at 18 to receive their entire inheritance? How about 30? Would you rather they inherit some now while the rest is held in trust? Every family situation is unique, so every estate plan should be customized to fit these unique considerations. Talk through some of these things with your estate planner to make sure your will is the best fit for you and your loved ones.