Planning For The Passing of Personal Property

This is something that is routinely ignored by most planners but Joel Schoenmeyer of the Death & Taxes Blog discusses why this often-ignored area requires the same attention as the rest of the plan:

Distribution of someone’s tangible personal property upon their death is tricky business, for a number of reasons:

  • Unless the decedent left specific instructions for each piece of property, their beneficiaries (usually the children) are going to be in direct competition for items of property.
  • While most Wills call for tangible personal property to be divided “in shares of substantially equal value,” most families don’t want to go to the expense of hiring an appraiser to value such property. As a result, everyone guesses at approximate values, and these guesses may be incorrect. […]
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