Estate Planning Law

3 Types Of Personal Property And How They Affect Your Estate Plan

Have you thought about where you want your assets to go after you die? We all amass things over our lifetime, with some being more valuable than others. What’s more, you likely have some idea of the people in your close circle that you would prefer to get certain assets.

At Doane & Doane, we know the importance of establishing an estate plan and are here to walk you through its nuances. We help you determine where your personal property should go so you can rest easy knowing it’s taken care of.

Moreover, we can assist you with the 3 types of personal property and how they affect your estate plan. Below, we discuss these different property types to give you a better understanding of what goes into an estate plan so you can better prepare for the future.

After reading this guide, we encourage you to give us a call. Our estate planning attorneys specialize in assisting clients in making the best decisions — for themselves and their loved ones.

What Is Estate Planning?

Estate planning focuses on protecting your assets after you pass away. When you have an estate plan, you can trust that your property and assets will be distributed to the people of your choosing. Furthermore, your estate plan details the person or persons you wish to control your assets after you’ve passed. This can be a difficult decision, especially when there are disagreements amongst family members who have their own devices for your belongings.

That’s where an experienced estate planning attorney can help. At Doane & Doane, we take estate planning very seriously. You can count on us to guide and direct you toward making the best decisions for your needs. What’s more, we will help you make sure that your estate plan has your best interests at heart.

As discussed, there are 3 types of personal property that ultimately impact your estate plan. Let’s explore these types, so you know what to expect when establishing your estate plan.

Personal Papers

In what might be considered the most important type of property type, personal papers can contain sensitive information that you don’t want many — if any — people finding out about. For example, one man had another child that no one else in the family knew about, even his own children. Since he didn’t have an estate plan when he passed away, probate got involved and inventoried his personal effects. 

As a result, his family found out about this secret, and it caused more harm than good. Of course, there’s no telling how this news would have impacted his family had he told them about it while he was living. But because it came to light after his death, it caused a rift among some family members.

This is an excellent example of why you should take your personal papers seriously and treat them with care. You might have a trusted family member whom you would prefer your papers to go to after you die.

Memorabilia

Do you have valuable memorabilia that you don’t trust to go to just anybody? Then you’re going to want to establish a Will and state the family members you wish to take ownership of your memorabilia when you die. Keep in mind that you can’t control what they do with your memorabilia after you’re gone. But you can make sure your valuables are in good hands by stating where you wish them to go.

Junk

One man’s trash is another man’s treasure, as the adage goes. What you deem valuable maybe junk in the eyes of your loved ones. As such, it’s certainly possible that your belongings will go in the trash once you die. But you can make a concerted effort to ensure their protection by discussing them in your estate plan.

Not only will this give you peace of mind, but it can help minimize arguments about where your “junk” goes when it comes time to clear out your house. It can make things easier on your loved ones by setting clear instructions in your estate plan regarding where your junk is to go.

Doane & Doane Is Stuart’s Trusted Source for Estate Planning 

Doane & Doane was founded in 2003 remains one of the most trusted and respected estate planning firms in Southeast Florida. If you need assistance establishing an estate plan, protecting your assets, or any other related issues, please contact us at 561-656-0200. Alternatively, you can always fill out our online contact form, and we will promptly respond to your inquiry.

The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.