Ensure specific gifts are made: the 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 a while 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.