If you are like most older people, you have lived a long and fulfilling life, and have probably collected items during that journey that have become very sentimental to you.
You may also have very specific instructions as to who should receive such dear and sentimental items after you pass.
But what if instead of naming all of these items in your will, you do something different and give them away to your loved ones while you are still alive and well to enjoy it?
What do I say that? Consider the following reasons:
- Many people choose to bequeath items that have a sentimental meaning between them and another person. What better way to show that affection than by sitting down with the person and personally presenting them with the item before you are gone?
- Giving away the item now allows the recipient to show the thanks they will inevitably feel towards you. This can also prevent a sadness that may occur if the recipient did not have the chance to express their gratitude to you in person.
- It allows the recipient to understand why they are receiving the item. Maybe you remember that as a baby, your granddaughter always loved playing with a certain strand of pearls. The now-grown woman may never know that is the reason you bequeathed the necklace in the first place if you are not around to explain it.
- Disbursing items now can prevent a family fight. Sadly, families are likely to be more verbal and unkind if you are not there to defend your choices. Prevent the drama by giving away your things now.
Do keep in mind, however, that even if you give away your valuables now, it is still important to have a sound estate plan in place to cover the distribution of your remaining assets. Let the lawyers at Morgan Law Group take the burden of estate planning off of your shoulders by contacting us today at (949) 260-1400.