How To Protect Family Heirlooms From Probate

Of all the property you own, family heirlooms may hold the most value. Whether the value is sentimental or monetary, you likely want to protect these family treasures as much as possible. If you overlook your heirlooms when preparing your estate plan, they may become susceptible to disputes, mismanagement, or outright loss. Below, our St. Petersburg estate planning lawyer explains how to protect your family heirlooms.

Identify Beneficiaries

When identifying your heirlooms, it is important to consider how you want them distributed. You may already have an idea of who you want to leave certain heirlooms to, but you may struggle with balancing your loved one’s feelings with fairness. Remember that being fair does not necessarily mean dividing heirlooms equally between all beneficiaries. It is important to consider both sentimental value as well as financial value.

It is common to struggle with this decision. It can help to have an open discussion with your loved ones to determine if they have certain preferences. Or, you may be able to leave instructions that give your heirs permission to exchange items among each other if they choose.

Create an Inventory of Your Family Heirlooms

After you have passed away, your personal representative or successor trustee may not be able to differentiate between your family heirlooms and your other personal belongings. A list of your heirlooms can ensure that these assets are preserved and protected. The inventory should include:

• A detailed list of your family heirlooms such as fine china, antique furniture, military memorabilia, and jewelry
• Photos of each heirloom along with a written description of them
• A letter of instruction that explains the importance of each piece and why you have left certain heirlooms to specific heirs

While you may create a list or inventory of items and identify the beneficiary, it is important to follow Florida law’s requirements to make such list a legally binding document.  While your family may still follows your wishes without a legally binding document, a court will not recognize the list of heirlooms to certain beneficiaries if a dispute arises as to the items on that list.

Our Estate Planning Lawyer in St. Petersburg Can Help with Your Plan

Estate planning has many purposes but it is largely to protect the property you have treasured your whole life. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning lawyer can draft the documents you need to ensure that you, your family, and your property is protected. Call us today at 727-471-5868 or fill out our online form to request a consultation with our experienced attorney and to learn more about how we can help with your case.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html