Many times, people think very specifically about the physical objects or other items they intend to pass on to their loved ones but if you forget about intangible assets, you could be depriving your loved ones of something they cherish greatly.
Your values, wisdom, important family traditions, stories and beliefs can all be articulated in a letter to your loved ones. Your possessions are not the only representations of your life.
It’s hard to include everything in your overall asset list- it often takes people days and weeks to come up with a comprehensive one because they own so many things, and many of these intangible items haven’t been clearly outlined in a will.
Your intangibles might not have significant monetary value, but it’s impossible to assess a cash number for what these might mean to your loved ones. That’s why they are well worth protecting.
Whether you decide to take on a big project like producing an autobiographical documentary or writing a memoir, or keep your documentation process relatively simple with a short letter about your feelings and principles, this information can easily become a very valuable piece of your estate. Your loved ones wish to remember many different things about you. These representations of your heritage, life journey and your thoughts can be extremely important to family members working through the grief process. They can even become the foundation upon which your family members build their lives.
As you develop a plan for your more tangible assets in the process of estate planning, do not neglect your legacy and other items that you wish to pass on in the form of your thoughts, feelings and hopes for your loved ones. Talk to a Massachusetts estate planning lawyer to learn more.