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Monday, April 19, 2021

What Is the Difference Between Tangible Property and Other Property Types in an Estate Plan?

Did you know there are different types of property that should be accounted for in your estate plan? There is intangible property, such as retirement accounts, insurance policies, bank accounts, cash, and other financial holdings. There is real property, which includes any real estate holdings you may have. Then, there is tangible property. As the name suggests, tangible property is property that can be felt or touch. Here, we will discuss some more of the differences between tangible property and other property types in an estate plan as well as how you can effectively plan for the distribution of your tangible property.

What Is the Difference Between Tangible Property and Other Property Types in an Estate Plan?

Many people have a significant number of tangible property pieces, just think of all of the tangible items in your home. Furthermore, tangible property can hold sentimental value in a way that other property types do not. Many people want specific pieces of tangible property to pass to specific loved ones. Because tangible property can be both vast and special due to sentimental value, there are several ways that you can approach distribution of tangible property in your estate plan.

Some start to give away tangible property that would otherwise fall into their estate while they are still alive. Not only can this help ensure the tangible property will go to who you want it to go to, but it also means you get to talk to the person receiving the piece, explain its importance, and share a potentially really special moment with them. Lifetime distribution of tangible property, however, may not occur for a number of reasons. In this case, there are other options.

You can choose to specifically provide for the distribution of your tangible property in your will. You may choose a blanket statement that leaves all of your tangible property to a specific person. You may do so in the hopes that the named beneficiary will understand which items to keep and which items to properly distribute.

You may choose to make a tangible personal property list, which can help you be specific about important tangible property pieces and who you want to inherit them after you pass. Do you have a specific piece of jewelry you want to give a loved one? Is there a particular piece of artwork that one of your children would love to have? You can list all of this out on your tangible personal property list. It is, essentially a list of personal items and your instructions as to who should receive them. The tangible personal property list must be signed by you, the testator, and can be prepared prior to or after the execution of your will. Furthermore, it may be altered by you after it has been prepared.

Estate Planning Attorney

For trusted legal assistance in establishing a strong estate plan, Verras law is here for you and your loved ones. Do not wait to put this important plan in place. Contact Verras Law today.


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