Useful Documents: Personal Property Memorandum and Instructions for Final Arrangements

by | Apr 10, 2024

Useful Documents: Personal Property Memorandum and Instructions

While a significant portion of the estate planning process in Missouri revolves around determining the recipients of major assets such as homes, bank accounts, or retirement funds, addressing smaller considerations is equally crucial. Attending to personal property and final arrangements can preemptively resolve many common issues.

Personal property encompasses tangible items distinct from real estate or monetary assets. Despite its seemingly lesser importance compared to real property or liquid assets, it’s essential to recognize that loved ones must still contend with the contents of a home even after the larger assets are allocated. Contrary to popular belief, personal property often becomes a source of disputes and disagreements among friends and family. To mitigate this, the inclusion of a personal property memorandum in your estate plan becomes imperative. This document empowers you to specify particular items for designated individuals, and its flexibility allows updates throughout your lifetime, preventing potential conflicts among your beneficiaries.

While clarifying the distribution of personal property can address numerous concerns, there are additional questions related to your passing that might go unanswered. Your loved ones might be unaware of your preferences regarding burial or cremation, funeral services, religious proceedings, and other details that you could easily communicate. Integrating instructions for final arrangements into your estate plan not only documents your preferences but also alleviates the burden on your loved ones, sparing them from the guesswork and worry associated with handling your passing. With the correct estate plan, you can also ensure your estate covers the costs of your final arrangements, rather than a loved one paying out of pocket.

At Axis Law Group, we furnish all the necessary documents for a comprehensive and tailored estate plan. Reach out to us to arrange a no-cost initial consultation for estate planning, either in our Missouri office locations or virtually!