Beyond the Big Stuff: 6 Things to Know About Your Personal Property List
You’ve dotted the last i and crossed the last t in your signature on your will. With the ker-chunk of the notary’s stamp, everything is official! You now have a plan for what happens to your assets at the time of your passing. Congratulations!
Your will can account for the big items like real estate and bank accounts, but what about the “rest” of your assets? What about your pottery collection, your jewelry, the antique coffee grinder you inherited from your grandma? Should you grab a Sharpie and start writing names on the bottoms of household objects? There’s no need for that!
Those items, many of which feel invaluable, can be passed on after your death to friends and family members through a tangible personal property list. And you can keep on enjoying the items in the meantime.
So what do you need to know about this important addition to your estate planning documents?
Your will needs to refer to the list. Double-check with your estate planning attorney to make sure this has been included.
Your signature is the only one needed. The tangible personal property list doesn’t have to be notarized or witnessed. However, it must be either entirely in your handwriting or signed by you.
It’s easy to update. For simplicity, consider starting a Word document. Print it, sign it, and keep it with your finalized will. If you change your mind, just update the file, print a new version, and sign it again. (Make sure to destroy the old one!)
Know what’s excluded. You can’t pass on real estate, coin collections, cash, or business-related property. You also can’t pass on stocks, bonds, investments, or insurance policies through this list. Chat with your attorney to make sure you know how to handle the passing of these types of assets.
Most “stuff” is fair game. Your baseball card collection? Yep! Your signed Kirby Puckett jersey? Put it on the list! Your great-grandma’s wedding ring? Yes, ma’am! Your favorite painting purchased on your honeymoon? Indeed!
Be detailed. Your description of the item and your intended recipient must be detailed enough to provide “reasonable certainty” of your intentions. If you have two nephews who both go by T.J., you’ll need to clarify which one is the lucky recipient of that beloved jersey.
That’s it! This simple document gives you the power to ensure your cherished belongings go to the right people. So start that list. A detailed system now will save a lot of heartache and hassle in the future.
If you haven’t started your estate planning process yet, get started today! Here at Miroslavich Law we start with a free consultation. We’ll talk through your specific needs and get you headed in the right direction. And at the end of the process, we’ll give you just what you need to finalize your tangible personal property list.
