Question 1: What is a personal property distribution letter?
When you make a Will you determine how you want your property distributed after you die. While Wills are mostly concerned with your big assets such as your investments, real estate, and other valuable property, you also may have personal property that you want to distribute. This can include memorabilia, works of art, family heirlooms and other items. Though you can include this personal property in your Will, you can also include a personal property distribution letter apart from your Will. This letter dictates how you want your personal property distributed.
Question 2: Is the letter of part of my Will?
Yes and no. If you want to use the personal property distribution letter, you should make it clear in your Will that you are providing for such a document. This way, you can change the terms of the letter instead of having to go back and change the original Will. However, even if you create a letter, you should also have a clause in your Will that will provide for the distribution of personal property in case you have property not covered in the letter.
Question 3: What are the advantages of a personal property distribution letter?
Unlike your Will, you do not have to have your personal property letter signed by witnesses. You can simply create the letter whenever you wish and modify it as you either gain or lose personal property or if you change your mind. It is much easier to change this type of letter than it is to go about the process of changing a Will by either creating a new Will or drafting a Codicil.
- Are You Sure You Should Use a Will? - July 10, 2021
- Estate Planning and Family Heirlooms - July 1, 2021
- Five Key Facts About Medicaid Planning - June 27, 2021
Leave a Reply