There's More to Estate Planning in Raleigh NC Than You Think! Have You Kept Yours Up-to-date?
Keeping your estate plan up-to-date and valid is an important part of life. Though many people avoid updating their plans each year, our estate lawyers highly recommend it. One of the most overlooked aspects of estate planning is keeping personal property up-to-date. These items might seem minor; cars, jewelry, art, but they are part of your estate. Today’s post is going to focus on how to keep estate planning in Raleigh NC easy, updated and documented properly.
The vehicles that you own can become a tricky asset to account for. The main reason for this is because many people change vehicles often. Sometimes, twice or more a year. It can be difficult to keep up with. If you create a Will that gives away a specific vehicle, issues may arise if you die after selling that vehicle. Additionally, if you die with more or less vehicles than you possessed when you created your Will, it may be difficult for your intended beneficiaries to split the vehicles. Lastly, if you do not account for new or sold vehicles, your family members may fight over who gets what. At Eldreth & Eldreth, PC, we see this happen all too often.
Personal property means any type of household furnishings that you might own. This includes jewelry, art, collectibles, boats, cars, and anything similar. Did you execute a “Personal Property Assignment” when you executed your estate planning documents? If so, this may determine if your personal property is owned by you or your trust. If you have questions, you should talk to your attorney about this assignment.
Be sure to visit back with us on our next post. We will continue our final thoughts on estate planning in Raleigh NC and how to spring clean estate plans by talking more about long term plans that deal with life insurance, retirement, and more.
If you have any questions regarding estate planning in Raleigh NC or have decided that you need to start drafting your first estate plan be sure to contact Eldreth Law Firm, PLLC. Our lawyers are here to help.