When most people think about estate planning, they picture money and property. But, more and more people are adding intangible assets to their estate plan. Intangible assets might be things that have no monetary value, but are nonetheless important to the family. They may include personal letters, a recorded family history, or digital assets such as electronic photos.
An experienced Orange County will and trust attorney will have several creative strategies to help you include such assets as part of your estate plan. Even if you don’t currently have intangible assets to leave behind, it’s never too late to start a collection. Letters to your children, photobooks, cards or words of wisdom can be incredibly comforting for loved ones when you’re no longer around.
The following list can be used for inspiration when creating intangible assets that can be included as part of your estate plan:
- Annual birthday cards or recorded greetings
- Congratulations on life events
- Stories from the deceased’s life (oral or written)
- The deceased reading bed-time stories to kids or grandkids
- Handwritten cards or letters
- Life lessons that should be passed down
- Video instructions of how to do something (make a favorite recipe, for example)
- A family tree to be passed down to future generations
You may also be interested in creating a video will. Although your official documents will be in written form, you can use a video will to read your documents aloud and explain your decisions. An added benefit to a video will is that it can be used to demonstrate that you were competent when you made your will. On occasion, estate planning lawyers have to deal with family members who challenge a will, so your video reading could be an important way to ensure that your wishes really are followed.
When clients meet with an Orange County will and trust attorney at Morgan Law Group, they are often pleasantly surprised at the creative way we can help them leave a legacy that goes beyond money. Call our office at (949) 260-1400 and schedule a complimentary consultation to start the process for your family today.