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Thursday, January 19, 2023

How Will Your Heirs Divide Up Your Tangible Personal Property?

If you have begun your estate planning journey, you have probably thought about or addressed the distribution of your biggest assets. It is likely that you have planned for those things that have either great financial worth, great significant worth, or both. What about everything else? Think of the things we accumulate over the years. This is the tangible personal property that can include everyday household items, dishes, furniture, jewelry, clothes, and everything in between. While the volume of tangible personal property can make it nearly impossible to designate a specific heir to inherit each item, there are still a few different ways you can plan to have your tangible personal property distributed after you pass away.

How Will Your Heirs Divide Up Your Tangible Personal Property?

In theory, you could list out all of your tangible personal property and name who you want the pieces to go to. Oftentimes, a person will leave everything to one person, like a spouse. In many cases, however, there are several people that you want your tangible personal property divided up amongst. This is very doable and there are a number of ways you can set parameters around such a property division arrangement to help streamline things as much as possible.

If you wish to leave your tangible personal property to a few different people, such as your children, then you can detail how you want them to approach this endeavor. You could, for instance, specify that the named individuals each select a piece of personal property in order from oldest to youngest and then rotate through in a round robin fashion until all desired personal property has been divvied up. The remaining personal property could then be sold and the proceeds evenly divided or it could simply be donated. Establishing some order to the tangible personal property selection process can help manage any chaos that may ensue. You may be surprised to see how invested heirs can get during such a process.

Alternatively, you could have the personal representative of your estate, or someone other than one of the named heirs, oversee the tangible personal property division process. With an individual specifically tasked to manage the process, it could help streamline things. It would be worth putting some thought into who you would want to oversee such a process. The time following a death of a loved one can be emotional and when you throw asset division into the mix, feelings can run high. Think about who would keep a level head and manage things in an organized fashion.

Each of the estate planning packages at Monk Law Firm, PLLC includes a Personal Property Memorandum. This document allows an individual to leave specific tangible personal personal property items to an individual of their choice.

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For all of the things you have considered and all of the things you have yet to consider, you can count on the dedicated estate planning team at Monk Law to help guide you every step of the way. Contact Monk Law today.


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