Have you seen Antiques Roadshow — the PBS TV show in which antique experts travel around the country to critique and appraise antiques brought in by local people? If so, you’ve seen people bring in an old knick-knack they found in grandma’s attic and discover it’s worth hundreds or thousands of dollars!
Now imagine that for every person who makes this valuable discovery on the show, there are at least three people who sell their own unrecognized treasure for a few dollars at a yard sale. It’s painful to consider, isn’t it?
How can you ensure that your family recognizes the value of your treasures?
The first step is to talk to us about creating the right Estate plan to protect all your assets, and provide for their distribution upon your death.
Your next step is to make a list of assets and keep it with your Estate Planning documents. Your list should include not only real estate property and financial accounts, but personal property as well — the art, historical artifacts, and antiques you value so highly. It should also include a description of each item, an approximate value, and the name of the person you would like to inherit the item (if applicable.) This list is called a Personal Property Memorandum, and can be an essential component in your Estate Plan.
Having a list of assets included in your Estate Plan will ensure that the valuable pieces are recognized and appreciated—regardless of who is named as the executor of the estate.