Most people tend to accumulate items of interest or even significant value over their lifetime. Whether someone has a tendency to collect interesting works of art or routinely goes antique shopping, the average person in Florida might be surprised to find out how much they really own. Estate planning can help with more than just passing on assets after death, and can also be used to track and document personal property during a person’s lifetime.
After years or even decades of obtaining personal property, keeping track of everything can become difficult. While it might not be uncommon to misplace a personal item and find it later, forgetting about a significant asset later in life can have unintended consequences. For example, that forgotten asset might be tucked away in the attic of a home sold off to someone else or even taken by a disgruntled heir. Keeping accurate track of all personal property in a will can prevent such situations.
Listing all personal property in a will is a good start, but including relevant documents is also important. Relevant documents may include artists’ notes for a significant piece of art or records of authenticity for antiques. Insurance reports and appraisals are also important.
Estate planning is in part about upholding a person’s wishes even after his or her death. However, being proactive in the process also makes things easier for surviving family members who are left behind to deal with a loved one’s estate. This means that leaving things up to chance might not be good enough. For those who are unsure of where to start, speaking with an experienced Florida attorney can be helpful.