Your will is your primary means of deciding what happens with not only your money, real estate, and large assets but also your personal property. How should you handle personal property — your belongings, household goods, tools, or memorabilia — within your will? Here are five key tips to make it a success.
1. Inventory Your Stuff
Before you decide who should get what, start by understanding exactly what you have to give. Your valued possessions — sentimental items, artwork, or large equipment, for example — may be easy to inventory and track, and you may already know who you want to have them. But take this opportunity to write it all down for later use.
Inventorying other property may take work. You might want to have some pieces valued. Valuation helps you decide how to divide financial assets. It's also good to know if any family conflict might occur over your choices. In addition to valuation, you might need to determine the condition of certain items or if they need special care.
2. Decide What to Specify
Once you have completed an inventory and valued items, think about what in particular you want to focus on. Most people make a list that contains things of significant financial value as well as those of sentimental importance. You should also address goods that you know a certain person would particularly like to have.
How much personal property you list individually is up to you. Some people divide up a lot of personal items — and may even want to make some sort of attached statement about some of them. Others may only care what specifically happens to a few things. There are no right or wrong approaches.
3. Leave Residue as a Whole
Do you have to list all personal property individually within your will? Generally, no. In fact, an attempt to do that would probably become unwieldy and even impossible for most people.
The good news is that it's not necessary to get overly detailed. Once you've addressed your priority list of properties, you can leave what remains in your estate as a whole unit. This is known as the residue or residuary estate. Generally, the will simply states that personal property not already listed is left to one or more beneficiaries you name.
4. List Personal Property Separately
Keep in mind that any estate plan, including your will, is subject to changes. Your wishes may change, your family may change, financial values may change, and the personal property may change.
Because of this, you may be advised to make it easier to change your plans for your personal property. Do this by using a separate addendum or memorandum rather than listing everything in the body of the will. This way, if you adjust anything, it's easier and less expensive.
5. Don't Forget Intangible Property
Don't forget personal property that you may not be able to see or touch. This is known as intangible property, and it should be part of the will. Intangible property could include the passwords and accounts of your online or social media life. You might also include any copyrights, royalties, or intellectual property you own. Sole proprietors may need to list intangible business property as well.
Managing all the parts of estate planning — even in something as relatively simple as a will — can be challenging. The best way to ensure that nothing is missed is to work with an experienced estate planning attorney in your state.
Florida residents have relied on
Donald B. Linsky & Associate PA for nearly 40 years. Our legal team can help you too. Call today to make an appointment and get answers to your questions.
