The Meaning Of Things
When it comes to personal belongings, value cannot always be defined in monetary terms. Oftentimes, value lies in unique meaning. An item of personal property could be an important gift received or represent a cherished memory. As you create your estate plan, it is important to communicate your intentions and consider the wishes of loved ones to acknowledge and preserve the meaning attached to specific items of personal property.
Although it can be difficult to define the value of our personal belongings to others, we all possess items that we hold dear to our hearts for special reasons. For instance, two of my children have a rare genetic condition. When my affected son was three months old, already facing numerous challenges, he was hospitalized with an illness. The night we returned home, which happened to be Valentine’s Day, my oldest daughter walked in the door after her dance class holding a pencil eraser in the shape of a ring. My daughter told me that her dance teacher allowed the dancers to choose a small gift to celebrate the holiday and that she had selected this gift for me. Nearly four years later, hardened by the sun and time and glued together in several places, this ring still sits on my windowsill as a constant reminder of the difficulties we have overcome and the pure, meaningful love of my children. A simple pencil eraser is one of my most cherished belongings, and I will make sure that my daughter receives this gift from me in the future.
We may also be unaware of the value that others place on our personal belongings. This can lead to hurt feelings or conflict between loved ones when a death occurs and assets are distributed. Parents, for example, may not realize that a child holds on to special memories involving an item of personal property from their childhood home, even if that item seems otherwise insignificant. As you work to develop your estate plan, it is a good idea to talk to family and friends about your personal belongings to learn if there are any specific items they wish to receive after your death.
Specific bequests of personal property can be made during your lifetime, or such gifts can be outlined in the body of your will. In Indiana, specific bequests can also be designated through a memorandum of tangible personal property. As long as the memorandum is referred to in the body of your will, you can create this list of specific bequests at a later date without updating your will.
Although meaningfulness can be difficult to comprehend or explain, it should never be discounted.
