For many planning their estate, they worry about the big assets, like their home, bank accounts, or life insurance. However, it’s important to understand that significant assets aren’t the only property you need to take into consideration. One thing you may not have accounted for is what will happen to all your stuff – your furniture, jewelry, or collections for example. If you’re not sure how to include your personal property in your estate plan, the following blog explores what you should know about these matters and why reaching out to Pennsylvania estate planning attorneys is necessary to ensure your assets are protected.
What is considered personal property?
It’s important to understand what your “tangible, personal property” includes in order to accurately and thoroughly plan your estate. Generally, this is any property whose value comes from the items themselves, like jewelry, collections, furniture, photographs, clothing, and other items you use on a daily basis or that hold sentimental value.
In addition, pets, despite the fact that they are living beings, are not considered family but are deemed personal property in the eyes of the law.
How do I distribute these assets?
It’s important to understand what will happen to your property in the event you do not include it in your will. If you make no mention of your personal belongings, whether generally or specifically, they will be considered probate assets. As such, the state will assume control over this property and distribute it in accordance with the Pennslyvania line of intestate succession. As such, this property will be valued and passed out to your family members as per the law. This means someone you are estranged from or do not want to receive assets can end up with your prized and sentimental items.
However, including personal property in your estate plan can be challenging as the things you own are constantly changing. As such, one option is to keep a list of your personal property and use it in tandem with your will, so you can make changes as necessary. The state will not consider this a part of your official will, however, so you must include provisions that give your estate executor the power to distribute your personal property in accordance with your wishes. Because you are granting this person this power, you must ensure you appoint someone you trust to handle these matters.
Planning your estate can be incredibly overwhelming. As such, it’s in your best interest to ensure you connect with an experienced attorney from Friedman Schuman Layser who can help guide you through these difficult times. We understand these matters can be overwhelming, which is why we will do everything in our power to help you achieve peace of mind that your wishes will be honored. Contact us today to discuss these circumstances with a member or our estate planning team.
