![]() ![]() You also may consider talking with your loved ones before you create the list, to ask if there are specific items they would like to inherit from you. You may decide to leave a letter with each gift, explaining why the item was especially chosen for the beneficiary. You also have the satisfaction of knowing that your family members will inherit items that will remind them of your special relationship. That approach can lead to family quarrels over who should have specific items and put a difficult burden on your personal representative if multiple heirs want a single item.īy using a list, you avoid potential problems with distribution of the personal property in your estate. Instead of designating beneficiaries for personal property, you may allow your loved ones to determine the acceptable division or to leave division of your personal property up to your personal representative. Most often, you don’t even need to talk with your lawyer to make changes. So, if you want to change a beneficiary, add or remove property, or make other changes, it is simple to accomplish. If you use a list, you can make changes at any time. Even more importantly, any change in the list would require revision of your will or trust, which would require assistance from your estate planning attorney. While you can give specific property items to named beneficiaries in your will or trust, itemizing gifts in those documents could be cumbersome if your list is extensive. Items with beneficiary designations (retirement accounts and life insurance policies).Intellectual property rights (trademarks and copyrights).Other assets that cannot be included on a personal property list include: Real estate is not personal property and cannot be included on a tangible personal property list. ![]() Tangible personal property includes jewelry, art, and most collectibles, as well as furniture and household items like silverware, dinnerware, and fine china. The statute limits use of the list to “ tangible personal property,” which generally means items that can be seen, weighed, measured, felt, or touched. What Qualifies as Tangible Personal Property? It’s also important to keep your list with your other estate documents or make certain that your personal representative knows where to find it. Dating your list is not required by the statute, but it is recommended, as is destroying all copies of previous lists when you revise a list or make a new one. A revised or new list must meet the same requirements as the initial list. The statute makes it clear that you can make or revise the list at any time, including after you execute your will. ![]() Whether your primary estate document is a will or a trust, it’s essential to talk with your estate planning attorney before you create a tangible personal property list, to ensure that all necessary legal requirements are met. While the statute specifically refers to using a tangible personal property list with a will, you can also use this option for an estate plan that includes a revocable living trust. But even if you write the list in longhand, signing it is strongly recommended. However, under the law, the list must be either in your handwriting or have your signature at the end. If you use a tangible personal property list, it is a separate document that does not need to be witnessed or notarized.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |