Leaving the Family Cabin or Farm–and Everything in it!
When we leave real property, there is often personal property in it which we may or may not intend to be given to the same person who takes the real property. Any time we leave real property in a last will and testament, we must be careful to clarify what is included in that property.
For example, if you are leaving the family cabin to your daughter, you have to ask yourself:
- Do I also want to leave her the boat and the water-skiing gear stored in the boat house?
- Does the house include all the nautical antiques I have acquired over the years or should someone else get those because my daughter is getting the cabin?
It is important to specifically include, or separate, the personal property and the real property in order to avoid any confusion. If you have a family farm which you want to leave to your son, you must clarify if you want him to have the barns, the livestock and the farm equipment, in addition to the furniture in the house and the dishes in the kitchen, or if someone else should get some of those other assets.
A Clear Estate Plan Document Will Avoid Confusion
An experienced Estate Planning Attorney will walk you through all the important decisions that need to be made in order to clearly divide your property and avoid any misunderstandings or fights among the beneficiaries about what you intended each person to receive.
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can provide you with all your options and work with you in making strategic choices in planning for a smooth division of all your property. Contact us today at 973-841-5111
Posted in: Estate Planning, New York Estate Planning