When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to consider specific bequests of sentimental value assets. Examples include jewelry, antiques and photographs. These personal items — which often have modest monetary value but significant sentimental value — may be more difficult to deal with, and more likely to result in disputes, than big-ticket items. Squabbling over these items can lead to emotionally charged disputes and even litigation. In some cases, the legal fees and court costs can eclipse the monetary value of the property itself. Prepare a personal property memorandum Spelling out every gift of personal property in your will or trust can be cumbersome. Perhaps you want to leave your son a painting...
