Trusts and Estates: Tangible Personal Property

An often overlooked aspect of estate planning is the distribution of tangible personal property. This includes items such as furnishings, jewelry, tools, and even automobiles but does not include real estate, bank accounts, cash or like items. Under the laws of many states, a separate writing can be used to designate who should receive specific pieces of tangible personal property.

Using such a list provides the flexibility to add, delete or change who will receive certain items without the need to visit an attorney each time and without the formalities involved in changing your will or other documents. It is also a great way to ensure that sentimental objects go to the people you most wish to have them and eliminate any controversy about your wishes.

In general, to be effective, the separate writing must be handwritten or signed by you. It must also be referenced in your testamentary documents. Traditionally, this meant your will, but your revocable trust can also be set up to include a provision for a separate writing. Combining these two estate planning devices may have the added benefit of removing personal property from your estate that might otherwise be subject to a court proceeding.

If you would like to incorporate these techniques into your estate plan, we recommend that you contact an attorney in our wealth management practice for assistance.