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How to Handle Prized Personal Possessions with Your Ohio Estate Plan

How to Handle Prized Personal Possessions with Your Ohio Estate Plan
April 15, 2021 Shannon Dawes
Valuation of Assets within an Estate Plan

In drafting an effective estate plan, most people think and consider how they wish to distribute important assets such as real estate, investments, Automobiles, and other valuable assets. However, how should your estate plan handle your best wishes when it comes to personal possessions. Typically, personal possessions are not always worth several thousands of dollars or more, but they usually have substantial emotional value. In addition, these personal possessions may have special value to the decedent’s heirs.

One of the most important aspects of an effective estate plan is minimizing the amount of emotional turmoil between the heirs of the estate. And creating an effective estate plan, once you also consider all forms of personal possessions, including heirlooms, wedding bands, photographs, and all other types of personal belongings. It’s important to discuss these matters with your future errors. Ask them what items of yours have significant value to them. And some circumstances, there may be a personal possession that’s prized by one or more errors, further complicating the situation. This is where you want to make sure that you were state plan covers your personal wishes for all of your personal property.

Residual estate provisions versus special bequests in the state of Ohio

One provision typically drafted into a will states the testator’s “Residual estate. “The decedent’s “Residual estate “consists of personal property and items left over at the conclusion of the administration of the decedent’s estate. In other words, after all the decedent’s lawful debts I’ve been paid off and the assets outlined in the decedents will have been distributed, all remaining property and assets are considered the decedent’s “residual estate.”

In the state of Ohio, it’s typical that the residual estate is either left to one person to divide or will be automatically divided evenly amongst the heirs. When drafting an effective estate plan, it’s important to consider drafting a specific bequest that identifies a particular piece of personal property and then named the heir to receive that particular piece of personal property. If one or more people are named to receive the decedent’s residual estate, the estate administrator or executor often divides the residual estate as equitably and fairly as possible.

How to make specific requests in your last will and testament in Ohio

And estate is generally created to avoid family turmoil and to legally limit the amount of tax liability. Personal property, unlike traditional assets, usually has high emotional value for the heirs. The solution to this problem is to make a specific bequest. In the state of Ohio, there are three Elements to make a specific bequest in your will. These are:

  1. Identify and thoroughly describe the item you wish to bequest;
  2. Identify the entity or person that is to receive that specific item; and
  3. Clarify what your wishes are should the named person or entity is unable to receive said personal property.

As in all provisions in an estate plan or well, specific bequests may be altered, changed, or taken back at any time prior to your death. Of course, once the owner of the personal property has passed, any specific request instructions Cannot be changed.

If you were preparing your estate plan, contact Dawes Legal, LLC to discuss the process. The state plant process can be complex, and it is important to make sure that your best wishes are legally enforceable upon the time of your passing. To speak with attorney Shannon Dawes, simply dial 614-733-9999.