Have you recently had a personal property appraisal in Maryland? If so, your next steps are to meet with your lawyer and estate planner to review the personal property you own and how you would like it divided when you pass away.
While this isn’t a pleasant topic for many people to think about, having your property and belongings appraised now and creating legal documents that reflect your wishes are worthwhile tasks. That’s because you’ll need a will if you plan to leave any of your personal property to certain people, or to exclude someone from being able to inherit items who would otherwise receive items from your estate. A will also allows you to name a particular person to be responsible for ensuring that your wishes are followed.
If these determinations are not legally recorded, the state will determine how to divide your property after your death. You’ll save your loved ones the additional stress of worrying what will become of your belongings, and you can make the exact determinations that suit you and your family best. Here’s a quick look at the roles your estate planner and lawyer will play in the process:
- Working with an estate planner: An estate planner will work with you to make sure that all of the decisions regarding your personal property are recorded accurately and provide you with information and resources to help you make decisions that may not have occurred to you. Your estate planner will keep copies of the documents you have created together.
- Working with a lawyer: If you have a lawyer, it is important that this professional is also familiar with your wishes about how you would like your property distributed after your death. He or she will play an essential role in ensuring that your belongings and property are distributed as intended and can also serve as a resource for family members who may have any legal questions after your death. Your lawyer should also maintain copies of the documents that describe how your property and possessions should be handled.
While it’s incredibly important to meet with your lawyer and estate planner to review these matters, be sure that you don’t regard doing so as a one-time-only process. Experts recommend reviewing your personal property and your wishes for how you would like it distributed after your death once every five years, in order to reflect any changes in the personal property you own and to be sure any changes to your wishes are updated properly.
As another new year is about to begin, don’t put off scheduling a personal property appraisal in Maryland. Putting in this initial effort will save you time and money in the long run, as well as bring you peace of mind when you think about how your loved ones will be provided for after your death.
To begin the appraisal process, contact Jane Campbell-Chambliss & Associates, LLC. We have more than 35 years of experience and are dedicated to giving you a thorough and accurate appraisal at an affordable price. Contact us today to schedule an appointment or to get answers to any questions you may have. We look forward to working with you!