Often Forgotten: Tangible Personal Property in Estate Planning

March 13, 2015

Most people would consider these items, also referenced as “belongings” to be important or of sentimental value, but they often get overlooked in the estate planning process. These items can be furniture, clothing, jewelry, silverware, cars, boats, pieces of art, or household furnishings. Even those these items tend to be left out of estate planning, it’s also quite common for heirs to fight over them. shutterstock_93998875

The cost of these items in comparison with the legal costs to fight over them is often not equal, meaning that heirs might be filling to fight for it but at great expense. Each family member might have a different perception on what is “fair” regarding the distribution of this property, so it pays to plan in advance and limit fighting between loved ones.

One common approach if you don’t want to list everything in detail is to put a standard provision inside that you leave everything to your spouse. If your spouse does not survive you, you can outline that your children receive it and that if your children do not agree, a personal representative can help distribute the property. Most people assume that their children will actually not argue over these items, but legal disputes related to these belongings are more common than you think.

In order to limit the possibility for such arguments, consider the following checklist:

  • Consider who should be included in the process
  • Detail the process of selection
  • Think about how gifts should be treated
  • Evaluate how separate appraisals of the same item should be treated
  • Determine how items with only sentimental value will be classified
  • Set up systems to allow for the home to be vacated as quickly as possible

To learn more about the importance of planning ahead for personal property, contact us today at info@lawesq.net.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Protecting Your Loved Ones: Valentine’s Day Lessons in Financial, Estate, and Tax Planning

This Valentine’s Day, go beyond flowers and gifts. Learn how financial planning, estate planning, and tax strategies help protect the people you love most. Valentine’s ...

<p>The post Protecting Your Loved Ones: Valentine’s Day Lessons in Financial, Estate, and Tax Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Americans Are “Unretiring”: What It Means for Financial, Tax, and Estate Planning

More Americans are returning to work after retirement. Learn what “unretirement” means for financial planning, taxes, estate planning, and long-term wealth strategy. For decades, retirement ...

<p>The post Americans Are “Unretiring”: What It Means for Financial, Tax, and Estate Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Game Plan for Your Financial Future: Super Bowl Lessons for Tax, Estate & Wealth Planning

Discover how Super Bowl strategy mirrors smart financial planning. Learn key lessons for tax planning, estate planning, accounting, and long-term wealth strategy for business owners ...

<p>The post Game Plan for Your Financial Future: Super Bowl Lessons for Tax, Estate & Wealth Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>