Who Inherits Your Personal Property? (it should be easier than moving cargo)

Does your Palm Beach estate plan carefully consider who inherits your “stuff?”

Leaving your “stuff” or personal or tangible property under your will or trust is a subject which seems to get a lack of attention.  After all, most wills from Palm Beach clients that we deal with tend to say the same thing “I leave all my tangible personal property to my spouse [ or my children in equal shares ].

Here are some things for you to think about in leaving your personal property which you may wish to review with your Palm Beach estate planning attorney.

Tips on Leaving Your Personal Property by Will or Trust

• If you really don’t care who gets “what”, then you can stop reading this Palm Beach commentary on estate law
• If you really do care where your “stuff” goes when you are gone, read on:

1. Categorize what items are important to you– prioritize what is , or is not, important to you and what you care about, and what you don’t
2. Consider whether a “blanket” gift of all your “stuff” makes sense or whether you want certain items (e.g. the family photo album, your mom’s jewelry, the family silverware, the collection of modern paintings) to go to specific family members or heirs
3. Will the beneficiary even want to inherit your stuff?  I’ve seen Palm Beach probates that leave property to an heir or loved one, but they have no interest in inheriting the property.  Why not ask them if they want the “stuff” while you are alive?

1. Consider charities.  Might certain collectibles be better off with a musuem or non profit?
2. Would you rather have your personal representative of your Palm Beach estate just sell all your personal property and use the $$ to pay taxes and probate expenses?  Have your Palm Beach estate lawyer insert a “sell” clause in your will.
3. Consider leaving certain property by a “memo” or tangible personal property memo which is considered a “will substitute” under Florida probate law and the Florida Probate Code
4. How valuable are the sculpture, the paintings, the frescoes, and do any of them have historical significance or value?   Appraisal before you sell or leave them to a beneficiary who may just end up selling the stuff at a  yard sale?  Do you have them insured?

In the end, what you do in your estate plan with personal property might be more important than you think.  Spending 30 minutes considering the above points with your Palm Beach estate lawyer may make sense.