There are certain things (real estate, shares of stock and autos) that have formal legal titles recorded with the state government. Certain legal steps need to be taken to transfer the title to new owners for these things. Otherwise, most things do not have a recorded legal title. People might have something like a bill of sale or receipt that was received when the item was first obtained. Such documents are handy to prove ownership but are not required for ownership to be valid.
People can decide what happens to their valuables after they die. It is best to make a list of valuables and identify a person or organization to receive each item after your death. A person may designate a trusted family member or friend to see that their property goes where they want it to go. These arrangements are made in a will and should be put together with legal help. Having a will usually ends potential disputes between a person’s survivors as to what happens to the valuables.
Some people want their valuables distributed after their death but without a will. So many things can go wrong. Family members can quarrel over who gets what. Valuables can be taken in a “free for all” at the decedent’s residence. The decedent’s creditors can step in and demand that the valuables be sold to pay a debt.
As an option, people should consider making gifts during their lifetime. A lifetime gift has many advantages. The gift giver can see that their valuable goes where they want it to go. The trusted family member or friend is relieved of the responsibility of gathering and distributing items. Property given during a person’s lifetime is not tied up in legal proceedings (called probate) that can take many months. The gift giver has the satisfaction of receiving the gratitude of the recipient.
A musical instrument sitting in a closet could be a difference maker for a needy person or organization. And that difference can start now.
Michael Baird
Spirit of Harmony Foundation Board of Directors
and
Attorney, Stotis & Baird, Chartered