Personal Property & Estate Planning

Own a prized piano? A loved one's watch? A cherished family portrait? A curated collection of antique letters? Whether they're heirlooms, collections, or simply your prized possessions, you likely have a plan in mind for how you intend to address these items when you pass away. If you don't, your treasures could end up in the wrong place, or even worse, there could be a costly family dispute.

Nevada attorney Stephanie Hartman Rojo of Stone Law Offices, Ltd. details things you should consider when it comes to estate planning around your personal property here:

First and foremost, if you don't already have an estate plan, meet with an estate planning attorney to discuss your assets from the largest of accounts to the smallest of personal possessions. (You can read more about who should have an estate plan here.)

If you established your estate plan with an estate planning attorney, you likely have an Assignment of Personal Property or similar document transferring your personal property into your Trust. If you're missing this document or it was never prepared, please schedule an appointment with your estate planning attorney to review your total estate plan to confirm if anything else is missing and coordinate to have your plan updated. You will also want to make sure you take these steps after setting up your estate plan.)

If you'd like to get more specific about your personal property you can either include a specific bequest in your Trust, or, alternatively, you can complete a Personal Property Memorandum. Check your estate planning binder for this fillable form allowing you to identify, with specificity, who will receive which items upon your passing. You can add and remove assets at your leisure and without the additional attorney's fees. The Personal Property Memorandum is not meant to be a complete inventory of your entire home, but rather a list of the sentimental or heirloom items that can't be split, have already been promised, etc.

Please make sure that you have the most recent version in your estate planning binder and that you've provided a copy to your estate planning attorney.

Keep in mind, however, that the Personal Property Memorandum is for tangible personal property only. You cannot use the document to transfer real property, cash, or bank accounts. Talk to your estate planning attorney for more specific details regarding these assets.

Do you have questions? Call 702-998-0444 to schedule a conversation with an estate planning attorney at Stone Law Offices, Ltd. Meetings are available telephonically, virtually, or in person.

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