What are Personal Possessions?
Personal possessions are usually described as items which hold a personal or sentimental value for you. Although this usually excludes large items like property including vehicles.
Examples of personal possessions include items such as
- Family heirlooms
- Music collections
- Favourite items like photos or ornaments
- Handmade gifts
Why is it important I record how I wish for my personal possessions to be distributed?
Like any asset, it is better to state how you wish for your personal possessions to be distributed as someone will look to receive a personal or financial benefit from this when you pass away. If you don’t state how you want your possessions distributed, then there could be problems.
It is common for loved ones to enter in to disputes over the distribution of personal possessions especially amongst siblings who often share the memory attached to the item.
Ultimately it is your decision in how you want your personal possessions to be distributed. When you make any decisions, make a record of them in your Last Will & Testament. If you do not have an up-to-date Will then you will die intestate which causes significant issues for the distribution of your estate.
How can a TellThem4Me® membership help?
You can record your wishes in the My Estate members only section. You can then choose which of your Nominees has read only access to this information. As time goes by, you can change this as you wish.
This is general information only and does not constitute specific legal advice.