When working on your estate plan, you may have addressed your big-ticket items straight away. That is, you may have already worked on retitling your real estate property, putting your bank accounts into a revocable living trust, and more. However, estate planning is not just limited to significant, high-value assets. Rather, it is also about your small items of tangible personal property. In fact, these are most often the root cause of disputes among loved ones after the owner sadly passes away. With that being said, read on to discover how to deal with personal property in your estate plan and how a seasoned Broward County estate lawyer at The Probate Lawyers can work to confirm you do not overlook anything.
What are examples of tangible personal property I might have?
Like most people, you likely have more pieces of tangible personal property than you can initially think of off the top of your head. This is why we recommend you pass through your home, storage units, safe deposit boxes, etc., and take inventory of the following items possibly in your sole possession:
- The collection of tools and firearms you have owned.
- The collection of wardrobes you have dressed yourself in.
- The collection of jewelry you have decorated yourself with.
- The collection of literature you have filled your bookshelves with.
- The collection of family photos and mementos you have held onto.
- The collection of furniture and artwork you have filled your home with.
How do I deal with tangible personal property in my estate plan?
Now that you understand how you have more tangible personal property than expected, you must deal with it properly within your estate plan. Specifically, you must set out a clear list of instructions within your last will and testament.
For example, you may direct, “I wish to leave my collection of artwork to my eldest son,” and, “I wish for my collection of jewelry to be distributed evenly amongst my granddaughters.” The more specific you are with your instruction, the better. This may even mean naming the pieces of artwork and jewelry one by one and giving the full legal names of your eldest sons and granddaughters, for instance.
If you have an exceptional quantity of personal property, it may be better to establish a personal property memorandum alongside your will. This is so that your will document can prioritize your big-ticket items, such as your real estate property and bank accounts. Then, your memorandum can get as detailed as possible with your personal items, instead of getting rushed through in your will document. Importantly, have your will document reference your memorandum as legally binding.
If you think now is the time to get started on your estate plan, then please reach out to a competent Broward County estate lawyer. Our team at The Probate Lawyers is well-equipped to take on your case.
