If you have precious family heirlooms to leave behind when you pass away, you may be wondering if there is a good way to protect them. Some people think that simply telling people who will get what and making a list will settle the matter, but financial matters and inheritances can cause a lot of conflict. You do not want your family to have to deal with that after your passing. Instead, you should talk to a Fayetteville, Arkansas wills lawyer about what can be done to protect your heirlooms in an estate plan.
Do I Need a Will to Protect Family Heirlooms?
A will is an important estate planning document that can tell people how to distribute assets and family heirlooms. You can choose different beneficiaries and pass down whatever you want to them. This can include more traditional assets like homes, vehicles, and the money in bank accounts, but wills can also include family heirlooms. This is true whether the heirloom is high in appraised value or sentimental value.
When is a Trust a Better Option?
Now if your family heirlooms are particularly valuable, it may be a better idea to set up a trust. Our attorneys can walk you through the process and help you figure out which kind of arrangement would work best for you. Then you can decide if you want to be in charge of the trust or if you want to select someone else to be the trustee.
How Can an Estate Lawyer Help Me Protect Family Heirlooms?
This all might seem simple enough, but setting up a will or trust on your own can actually be quite difficult. Our estate planning lawyers have experience and knowledge that you do not, so we can make sure that your will is legally binding and free from mistakes that would cause problems or confusion. We can also make sure that the trust that you establish fits with what you want to do and how you want to manage your assets in life and after you pass.
Should I Talk to My Family About My Estate Plan?
Once you have developed an estate plan with our lawyers, we recommend that you talk to some of your close family members and friends about your plan. Letting people know about assets and family heirlooms that will be left to them can alleviate some tension and ensure that no one has to be surprised by your plans later on.
Contact Our Law Firm Today
If you want to learn more about estate planning and what our attorneys can do to help you protect some of the precious items you want to leave behind, contact the Knapp Law Firm. We would be happy to schedule a consultation with our experienced legal team.