Estate Planning- Hot Topics in Wills and Estate Planning
The Law Firm of Pozzuolo Rodden Pozzuolo, P.C., Philadelphia Estate Planning Lawyers, announces the release of the article “Hot Topics in Wills and Estate Planning”.
I. Use of Memorandums for Leaving Tangible Personal Property With Sentimental Value for Loved Ones
If you have collections of jewelry, art, stamps, memorabilia, or other specific belongings with sentimental value, then an“incorporation by reference” of a memorandum specifically disposing these assets should be considered. An example would be if you own a signed 1980 and 2008 Phillies World Series baseball, a Mickey Mantle rookie baseball card, or a Babe Ruth baseball mitt and you intend to give the World Series baseball to your son, the Mickey Mantle card to your grandson, and the Babe Ruth mitt to the Baseball Hall of Fame. However, a few years later, you may change your mind and decide to give the World Series baseball to your grandson and the Mickey Mantle card to your nephew instead. An incorporation by reference of a memorandum will make it much easier to be able to change who and what’s on the list without worrying about the formality required to sign a Codicil or Amendment…
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