Sunday, August 17, 2014
Oftentimes there are particular assets in one’s estate that may necessitate special consideration due to their nature, value, or significance. Provided below are just a few examples of these special assets, and how they might be handled.
- Businesses. Because some businesses require a license or special expertise, they will require a special trustee or administrator be appointed to administer the asset.
- Firearms. A gun collection can be held in a special gun trust managed by a trustee who has a firearm’s license. The trustee can allow for the guns to be shared amongst various beneficiaries and for the guns to be stored and managed by designated individuals.
- Pets. Pets depend on their owners, as they will need care during their owner’s disability and possibly a new home after their owner dies. A pet owner’s trust can provide instructions to use the owner’s resources to pay for vet visits, boarding, etc.
- Jewelry. Sentimental or valuable jewelry needs to be itemized and kept in a secure location. If jewelry is not given away during the owner’s lifetime then someone should be appointed to be in charge of it upon the owner’s death.
See Dennis Fordham, Estate Planning: Planning for Special Assets, Lake County News, Aug. 15, 2014.