Protect What You Collect

When we sit down with clients for estate planning, the number one question we get is: “Where will my money go when I’m gone?” But your sentimental items often matter just as much.

That’s an important question, of course. Still, estate planning covers more than the money and financial assets you’ve saved over your life. It’s worth examining what else belongs in your plan. We’ve helped Michigan families build estate plans for more than 20 years, and we’ve found the following items to be the most common discussion points.

Sentimental Items

It may surprise you, but most family in-fighting after a loved one passes away is over items that hold sentimental value. This can be tricky to navigate. For instance, which daughter would receive the mixing bowl mom used to make cookies when they were growing up?

When we meet with clients, we make a point of asking about these items. Doing so heads off the emotional arguments that can erupt after you pass away. We’ll even suggest giving away some of these items beforehand, so no one misinterprets who gets your most treasured possessions.

Collectibles

Whether it’s autographed baseballs or old comic books, we work with clients who have poured time and money into their hobbies. Our goal is to handle those valuables properly when they’re gone. This takes a different kind of planning. We often appoint a trust director who understands a particular collectible industry—from sports memorabilia to art—and knows how to assign proper value to these items.

Separate Residences

Many people own vacation homes. Yet they don’t give proper thought to how a second property should pass to the next generation. It’s easy to assume the recipients will welcome it with open arms. Before you add it to the estate, though, ask yourself a few questions. Will the jet skis and pontoon boat come with the house? Can the beneficiaries realistically travel to the home? The property’s value matters, too. A beneficiary could face a tax burden they can’t afford. Have the conversation now, openly and honestly, and you’ll build a more realistic and equitable estate plan.

Pets

Pets can be among the most overlooked areas of an estate plan. If you want your pet cared for after you’re gone, weigh a few things carefully. Think about who has the capacity, the geography, and the demeanor to care for your pet. Your plan should also cover expenses like vet bills and pet food when you decide who will give your pet a loving home.

Estate planning doesn’t have to be emotionally taxing. A trusted partner like Shea Law helps guide you through the process. We’ll open up honest conversations with family members about the sentimental items that matter most. Documenting your wishes on these intangible but meaningful assets is part of our comprehensive process, and it gives your family clarity and peace of mind for generations to come.