Many of the tangible assets that you own could have sentimental value to members of your family, especially to your children. Examples could include inexpensive jewelry, instruments, book collections, home furnishings or artwork. People often have a nostalgic connection to the past through these types of items, which remind them of their childhood and their relationship with their parents.
When making an estate plan, it is crucial that you keep this sentimental value in mind. You should take steps to incorporate these items into the plan and determine who receives them. It may be worth having conversations with beneficiaries in advance to determine what they want, but it is best to have some type of plan in place.
Avoiding estate disputes
One reason to do this is that items with sentimental value often trigger estate disputes. It is not just large sums of money or high-value property that lead to arguments and disagreements. Many of these items do not have a significant financial value, but the emotional connection the beneficiaries feel leads to disagreements over who should receive those items.
In many ways, if you do not plan in advance, these disagreements can be difficult to solve. Because of the lack of financial value, beneficiaries may not think that it is worthwhile to sell the items and split up the money. They want to receive those specific items, and so it is difficult to find a compromise.
If you are making an estate plan this year, sentimental value is just one area to consider. Be sure you know exactly what legal options you have so that your goals for your future, your assets and your loved ones can succeed.