Most people think of bank accounts, retirement accounts and real estate when they think about estate planning. Few realize that many other types of items can be passed down for future generations. Referred to as intangible assets, these are things that have no monetary value but are nonetheless important to your family. These items may include personal letters, relics of family history or digital assets.
Modern and creative estate planning attorneys will help you include such assets as part of your estate plan. By including a collection of letters to your children, photo books, cards, words of wisdom or legacy letters you can provide comfort to your loved ones from beyond the grave.
The following list of intangible assets will give you an idea of what can be included in your estate plan:
-Annual birthday cards or recorded greetings to be distributed on future dates;
-Congratulations for future life events;
-Oral, written or recorded stories;
-Handwritten cards or letters;
-Advice, opinions or life lessons;
-Instructions on how to do something, recipes, house plans or other types of knowledge that you want to pass down; and
-A family tree, ancestry information or DNA results.
Your official Last Will and Testament or any trust documents must be written and properly executed according to the state laws of Maryland. However, in addition to the written version, you may also videotape yourself reading your will and explaining your decisions. Aside from this being a comfort to your loved ones, it can also be used to demonstrate that you were competent when you created your will or trust. Leaving a legacy goes well beyond money. At Stouffer Legal in the greater Baltimore area, we find creative strategies in developing estate plans that are as unique as you are. For more information contact our office to set up a consultation.
