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 1. Home
 2. Retirement
 3. Estate-planning


ESTATE PLANNING: HOW TO PROTECT FAMILY TREASURES

Items like antiques, art and jewelry, as well as family photos, can carry huge
emotional ties. The more specific you are in your plans, the better for
everyone.

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(Image credit: Getty Images)

By Patrick M. Simasko, J.D.
published 11 September 2024
in Features

Do you have any special family treasures you hold close to your heart? Maybe
your grandma’s wedding ring was passed down to you, or perhaps you have a
special watch you want to keep in the family.



If so, you’ll need to create a comprehensive estate plan that ensures your
high-value personal property, like the examples mentioned above, is dealt with
according to your wishes. Any ambiguity in your plan, or any items left out,
could lead to family disputes and costly legal battles.



Unlike other assets, such as brokerage accounts or even cash, how to deal with
personal property left behind after the death of a loved one isn’t so
cut-and-dried. Items like antiques, family photos, art or even jewelry carry
huge emotional ties.


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Let’s say you have a special Polaroid camera you plan to leave to your son once
you pass. You’ve had a conversation with him about it, and it seems like
everything is settled. After your death, your son is planning to receive the
camera, but then your daughter decides she wants the camera, too. If you didn’t
include the camera in your estate plan and list your son as the beneficiary,
your daughter could take the matter to court, leaving the decision in the hands
of the law. Not only could costly court fees deplete the value of your estate,
but it could also deplete the relationship between your children.


MAKE A LIST OF ITEMS YOU WANT TO KEEP IN THE FAMILY

As you’re creating your estate plan, think about all the personal property you
own that you wish to keep in the family and make a list of those items. Be as
descriptive as possible. What does the item look like, where did you get it,
and, most important, who do you want to receive it? This might seem strenuous,
but any vagueness in language could be grounds for litigation. Once you have
your list, be sure to update it throughout the course of your life. You may
acquire new items that you wish to add, or you may decide to change
beneficiaries as your life changes.



In addition to keeping and updating a list of these items, you’ll also want to
get them appraised if applicable. This ensures you’ve gotten the appropriate
values defined, allowing you to see how much a specific item is worth, which can
help you further distribute and delegate items. Going back to the example above,
let’s say the Polaroid camera is worth $1,000. To keep things equal among your
children, you might find another personal item worth the same amount that can be
given to your daughter. If you want to take it a step further, have a
conversation with your loved ones about hiring an appraiser after your death.
The value of items can change over time, so it’s important to be as accurate as
possible.


PREPARE THE DOCUMENTATION

The next step is to draft the appropriate documentation to transfer these items.
This can be done through a will or a trust. However, it’s important to note that
there are different provisions for each. The biggest difference between the two
is that a will goes into effect after you die, while a trust can take effect
immediately after it’s created. A will is a legal document that provides
instructions on distributing property to heirs after death. Trusts are legal
arrangements that allow you to transfer your property to an account that is
managed by another person.

Wills can sometimes be subject to a lengthy probate process and becomes public
record after the testator dies. Assets in a will can also be subject to
creditors and are subject to estate taxes. However, a will can be created for
free, and you can do it on your own. It’s also easy to make changes as
necessary.

On the other hand, a trust can be expensive to create and maintain and usually
requires you to meet with an estate attorney to create and establish it. You’ll
also need to take into account whether the trust will be revocable or
irrevocable. A revocable trust allows you to maintain control over the trust,
making changes during your lifetime as necessary. Since you’re in control of the
trust, the assets will be subject to estate taxes once they’re distributed.

An irrevocable trust is the opposite. With these trusts, you give up control,
and changes cannot be made unless certain criteria are met. By giving up
control, the assets are no longer considered part of your estate and are not
subject to estate taxes unless the value of your estate exceeds a certain
amount. Right now, individual estates exceeding $13.61 million are subject to
taxes, according to the IRS.

Regardless of how you choose to distribute precious, personal assets, the key is
to have your wishes documented in clear detail. Determine what assets you want
to transfer and consider meeting with an estate planning attorney. They can help
you review your options and determine how to best transfer your assets according
to your wishes and situation.

Pat Simasko is an investment advisory representative of and provides advisory
services through CoreCap Advisors, LLC. Simasko Law is a separate entity and not
affiliated with CoreCap Advisors. The information provided here is not tax,
investment or financial advice. You should consult with a licensed professional
for advice concerning your specific situation.


RELATED CONTENT

 * Are Living Trusts Worth It? Pros and Cons
 * Estate Planning in Six Manageable Steps
 * What Is Probate, and Who Has to Deal With It?
 * Leaving Property to Multiple Heirs? What to Consider
 * Naming Beneficiaries for Inherited IRAs: What You Need to Know

DISCLAIMER

This article was written by and presents the views of our contributing adviser,
not the Kiplinger editorial staff. You can check adviser records with the SEC or
with FINRA.





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Patrick M. Simasko, J.D.
Social Links Navigation
Partner, Simasko Law

Patrick M. Simasko is an elder law attorney and financial adviser at Simasko Law
and Simasko Financial, specializing in elder law and wealth preservation. He’s
also an Elder Law Professor at Michigan State University School of Law. His
self-effacing character, style and ability have garnered him prominence and
recognition throughout the metro Detroit area as well as the entire state.



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